Property Tax

After jumping nearly 60 per cent in three years, the island-wide rental index has softened by 4 per cent over the last four quarters

Municipal corporations need to enhance their sources of revenue through reforms in property tax, rationalisation of user charges, and better collection mechanisms, an RBI report has suggested. The elasticity of property tax revenues, the predominant source of tax revenue, can be improved through adopting property tax formulae which are more reflective of property valuation, it said. The 'Report on Municipal Finances' released by the Reserve Bank on Wednesday noted that the demand for high-quality public services in urban areas is growing rapidly with a rising urban population. "Yet municipal corporations (MCs) in India invested with this responsibility generate limited revenues and rely heavily on the upper tiers of the government for their funding needs, limiting their operational flexibility," it said. State-specific strategies to strengthen MC finances through local taxation reforms, better enforcement, augmenting institutional capacity and transparent financial management are .

Understanding stamp duty and registration charges is crucial for prospective homebuyers as these costs can add significantly to the overall price of property transactions

The New Delhi Municipal Council (NDMC) has announced a five per cent rebate on the property tax payment on or before September 30, an official statement said on Friday. The rebate is also available on service charges of government properties, it said. "The assessment list is available on the NDMC website, www.ndmc.gov.in, and concerned tax payers may login by using user ID and password to view details of the property owned," the statement said. The council, which oversees municipal work in several central Delhi areas, advised the taxpayers to avoid the last-minute rush and plan their tax deposit well in time to get the rebate.

Buyback and tax-free dividend had a gap and an equalisation was needed. Volumes in F&O trading had gone up rapidly and, in a way, the increase in STT on F&O will protect investor interest, he said

The New Delhi Municipal Council's revenues for the 2023-24 financial year exceeded its target, with property tax collection crossing the Rs 1,000-crore mark for the first time in its history, officials said on Wednesday. The New Delhi Municipal Council (NDMC) collected a revenue of Rs 3,795.30 crore from receipt sources such as property tax, licence fees, commercial revenue (water and electricity) and parking fees, it said in a statement. For the first time in the NDMC's history, the revenue from property tax crossed the Rs 1,000-crore mark, it said. "The NDMC has collected Rs 1,025.59 crore in property tax against a target of Rs 1,150 crore. The NDMC had collected property tax revenue of Rs 931.20 crore in 2022-23, Rs 950.75 crore in 2021-22 and Rs 690.78 crore in 2020-21," it added. During the 2023-24 fiscal, the NDMC collected Rs 1,811.71 crore in revenue from electricity and water supply against a target of Rs 1,659.95 crore. It had collected commercial revenue of Rs 1,503 cror

Preserve ownership and renovation documents to bolster case regarding property value

The New Delhi Municipal Council on Tuesday conducted a sealing drive in Connaught Place over non-payment of property tax dues, officials said. Five to six shops were sealed, with the drive going on till late evening, the officials said. The drive was carried out in Connaught Place's B, C, D and G blocks. Atul Bhargava, president of the New Delhi Traders' Association, demanded that there should be a uniform tax regime across Delhi. "The NDMC (New Delhi Municipal Council) should follow the tax regime of the MCD (Municipal Corporation of Delhi). Why are there separate tax regimes?" he asked. He also said the NDMC informed the landlords about the outstanding taxes but never reached out to the tenants, who were caught unawares by the drive.

The Karnataka Assembly has passed a bill to slash the penalty on property tax in Bengaluru city limits by 50 per cent. The bill - Bruhat Bengaluru Mahanagara Palike (BBMP) Amendment Bill 2024 - was tabled in the Assembly by Deputy Chief Minister D K Shivakumar, who holds the Bengaluru Development portfolio and was passed on Tuesday. "With the passing of this Amendment Bill, the penalty amount is halved, saving Bengalureans a whopping Rs 2,700 crore. The BBMP will be able to collect penalties worth Rs 1,000 crore," a statement issued by Shivakumar's office said. This important amendment will benefit around 13 to 15 lakh people in Bengaluru city including 5.51 lakh taxpayers, five to seven lakh people outside the property tax bracket and three lakh partial property taxpayers, it added. Former Chief Minister Basavaraj Bommai said the BJP would oppose this bill as it would lead to large-scale corruption. The Amendment Bill has a provision to give a special rebate to the poor. Governme

While the government will bring in reforms, it is important that people also pay taxes promptly as per the properties they own, he added

A gift deed comes into play when finalised and a will for transfer one the death of property owner

Delhi Mayor Shelly Oberoi on Saturday announced the exemption of house or property tax for the residential areas across the MCD's rural jurisdiction. The Municipal Corporation of Delhi (MCD) will not collect any house tax from 'lal dora' or extended 'lal dora' properties in the rural areas, Oberoi told a press conference here. "The MCD will neither send notice nor collect property tax from the residential areas whether it be under 'lal dora' or extended 'lal dora' in all its villages. This is a big relief from CM Arvind Kejriwal for the people of Delhi residing in the rural areas," she said. Oberoi added the tax levied on the commercial properties in the rural areas will, however, continue to remain the same. Around 2,168 roads in Delhi's rural areas are notified under the MCD and the commercial properties on these roads will continue to pay property tax. The decision has been taken after a panchayat of Delhi's 360 villages was held on September 3 to discuss the issue of property

If you are planning to sell your property, you'll have to pay capital gain tax on the profit earned after considering the inflation and indexed cost of acquisition

Mumbai real estate sector is likely to witness a momentary slowdown in the next few months, but the long-term direction remains upward, said Anarock

The Municipal Corporation of Delhi has collected over Rs 1,110 crore as property tax in the April to June quarter, a surge of over 40 per cent from the same period of time the previous year. Addressing a press conference, Mayor Shelly Oberoi said the number of taxpayers has also increased to around 7.17 lakh. "A property tax of Rs 1,113 crore has been collected by the MCD," Oberoi said, adding that the figure was higher than that of 2021 and 2022. Oberoi said the Municipal Corporation was making losses before despite collecting taxes earlier also. The people of Delhi have shown faith in the Aam Aadmi Party government, she said. In 2021-22, the property tax collected was Rs 695 crore, while it was Rs 540 crore in 2020-21. Lauding the higher tax collection, Delhi Chief Minister Arvind Kejriwal in a tweet said that people are voluntarily paying their taxes due to the presence of an honest government in Delhi. "Earlier, people did not pay taxes during BJP's rule. They thought that th

He further questioned whether the Congress government has the strength to achieve transparency and honesty, increase revenue collection and deliver freebies

Sale transactions of less than Rs 50 lakh is not subject to tax deducted at source

Delhi Mayor Shelly Oberoi on Tuesday chaired a meeting with officials of the assessment and collection (A&C) department of the municipal corporation, and reviewed schemes related to property tax, her office said. During the meeting, senior officials apprised her about the status of revenue collection, tax policies and challenges faced by the department over the years, they said. The mayor discussed and reviewed various initiatives of the A&C department to optimise revenue generation through property tax and ongoing schemes like amnesty scheme and Samriddhi scheme of the department, the statement said. The meeting was attended by MCD's Assessor and Collector Kunal Kashyap and other senior officials of the department. She was also briefed about the citizen-centric measures undertaken by the department to facilitate smooth property tax collection through its online portal. The mayor emphasised on the need to give wide publicity to the people friendly property tax schemes like ...

Amid outrage over the imposition of property tax, Jammu and Kashmir Lieutenant Governor Manoj Sinha on Saturday defended the move and said it will be implemented in consultation with the general public. Property tax will ensure financial self-sustainability of cities and improvement of public amenities, he said in a statement. The Jammu and Kashmir administration on Tuesday ordered the imposition of property tax in municipal areas from April 1, drawing strong protests from people from almost all walks of life. Political parties are demanding an immediate rollback of the order. Various organisations, including the Jammu Bar Association, have threatened to intensify the agitation despite repeated assurances by the administration that property tax imposed in the union territory is the lowest in the country. As per the government notification, the tax rates will be five per cent of the taxable annual value for residential properties and six per cent for commercial ...

Jammu and Kashmir Lt. Governor Manoj Sinha has expressed surprise at the criticism against the minimal property tax being imposed in the union territory when people here buy iPhones