Property tax News

In previous years, the Ahmedabad Municipal Corporation (AMC) has seen a steady rise in property tax collections under the Advance Property Tax Rebate Scheme. 

Long-term gains on all financial and non-financial assets, on the other hand, will attract a tax rate of 12.5 per cent, announced Finance Minister Nirmala Sitharaman in her budget speech.

This family has 13 members. The bedroom falls in Maharashtra, the kitchen is in Telangana. The chalk mark divides this house into two parts.

The company undertook a GIS-based study of properties in its authority area and discovered that around 168,000 homes were never charged property tax. According to the officials, each property's unique ID will include information on the state, district, ward, and mohalla, as well as a name plate with the unique ID's information. According to reports, the corporation has so far collected roughly Rs 163 crore in property tax receipts in the 2021-22 fiscal year.

The app can help Delhiites in paying their property tax anywhere and anytime. Taxpayers will also get the facility of downloading the tax receipt directly on the mobile app. Citizens of the capital city can fill property tax of three corporations.

Responding to this, Justice Anita Sumanth warned the actor that costs would be imposed upon him for having rushed to the court, hardly ten days after he had sent a notice to the Corporation. It was also added that the actor ought to have sent a reminder to the civic body.

The actor had approached the Court with regard to the Property tax demand made by the Greater Chennai Corporation for the months April-September.

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The government on Thursday asked builders to pass on the benefit of lower tax under the GST system to buyers by reducing prices and instalments, otherwise the action will be violative of the anti-profiteering clause.

The North Delhi Municipal Corporation would soon come up with an interactive portal which would allow residents to query or apply for updating details regarding property tax.

Elections to three civic bodies here are around the corner and a survey participated in by 48,000 citizens across the capital has revealed that the majority of them want sanitation to be considered the topmost priority.  

The Finance Ministry may bring cheers to lakhs of home buyers in the country who are saddled with the double burden of house rent and high EMIs on home loans.

In order to increase revenue several measures including professional tax imposition, increase in property tax in the range of 1-2 percent, and implementation of Municipal Valuation Committee report for revising property taxes, are proposed for the year 2016-17.

 In order to spur investment in the housing sector, the government is considering to provide tax incentives for certain projects to ensure 'Housing for All' by 2022.

Faced with fund crunch, the three Municipal Corporations of Delhi have stepped up work on the ambitious Unique Property Identification Code (UPIC) project that aims to streamline the database of properties under their jurisdiction and enforce an improved collection of tax in the city.

The New Delhi Municipal Council (NDMC) has recovered a record property tax collection of over Rs 290 crore during the current financial year so far, the highest figure in the last five years.

In a significant recommendation, the 14th Finance Commission has called for reforms in property tax regime by giving powers to panchyats and municipalities to levy the tax on plinth basis with a provision for periodic revision and minimising grant of exemptions.

In an exercise aimed at checking blackmoney, economic intelligence agencies have started identifying instances where proceeds from property sale have been suppressed in a bid to defraud the government of revenue from stamp duty.