Page 2 - Property Tax

Jammu industry body threatens to shutdown if govt fails to withdraw order

Opposing imposition of property tax in Jammu and Kashmir from April 1, Chamber of Commerce and Industries Jammu (CCIJ) on Friday threatened to call for a shutdown in Jammu if the government fails to withdraw the order. "Chamber is of the firm opinion that this order of imposition of property tax should be withdrawn by the government to give a sigh of relief to the people of Jammu and Kashmir", President CCIJ Arun Gupta told reporters here this evening. He further said "if the government fails to understand our feeling than we shall have no other option but to go for a bandh call by consulting civil societies, bar association and others". Gupta said that the government had last year decided to take this initiative, but CCIJ took up this issue with the government and got it stalled. "Now again the government has decided to implement the property tax from 1st April and issued a statutory order in this regard." Gupta further said at present the people of Jammu are much disturbed by

Reconsider imposing property tax in J-K, leave decision for govt: Azad

Democratic Progressive Azad Party Chairman Ghulam Nabi Azad on Friday said the Jammu and Kashmir administration should reconsider its decision of imposing property tax in the Union Territory and leave such decisions for an elected government. "I request the government to reconsider this issue and leave it for the elected government," Azad told reporters at the party's office in Sonwar here. There have been no elections in Jammu and Kashmir for nine years and the people have been waiting for the conduct of elections for all this time so that such decisions are taken by an elected government, the former Jammu and Kashmir chief minister said. "Unfortunately, the laws framed by the elected governments in the assemblies are being revoked. My government framed the Roshni Act. I did not frame it in my home. "It was vetted by the Law department and the Cabinet, it was then discussed in the assembly -- it was a coalition government of many parties -- and the opposition parties also voted fo

Property tax to be imposed in municipal areas in J-K from April 1

The Jammu and Kashmir administration ordered on Tuesday the imposition of property tax in municipal areas of the Union Territory from April 1. The tax rates will be five per cent of taxable annual value (TAV) for residential properties and six per cent for commercial properties, it stated. "In exercise of the power conferred by section 71A of the Jammu and Kashmir Municipal Act 2000, the government hereby notifies the rules for levy, assessment and collection of property tax in the municipalities and municipal councils of the Union Territory," Housing and Urban Development Department Principal Secretary H Rajesh Prasad said in a notification. The National Conference demanded immediate rollback of the notification, saying it smacks of arbitrariness. NC spokesperson Imran Nabi Dar said the people of Jammu and Kashmir "have been at the receiving end economically since 2019" due to the losses suffered because of the restrictions imposed from August 5 that year and subsequent ...

MCD receives property tax of Rs 55.37 crore under SAMRIDDHI amnesty scheme

The Municipal Corporation of Delhi has received property tax of Rs 55.37 crore under a one-time amnesty scheme launched in October 2022, officials said. The Strengthening and Augmentation of Municipal Revenue for Infrastructure Development in Delhi (SAMRIDDHI) scheme came into effect on October 26 and it will end on March 31, 2023, with no further extension. Under this scheme, property owners of authorised and regularised colonies can settle all property tax related liabilities by paying property tax of the residential properties for the current year and previous five years. For commercial properties, owners can pay the principal amount of the last six years and get a waiver on the previous dues, including penalty and interest, the MCD had earlier said. So far 29,954 citizens have taken advantage of this scheme, and have settled their property tax related cases, out of which four cases were those which were pending in courts. Property tax of Rs 55.37 crore has been received till ..

Loacal authorities ask ASI to pay water, property tax for Taj Mahal

The Archaeological Survey of India has been asked to pay a water tax of nearly Rs 2 crore, and a property tax of about Rs 1.5 lakh for the Taj Mahal, along with a Rs 5-crore service tax for the Agra Fort, in an apparent first-of-its-kind action by local authorities. The ASI in Agra said the monuments are exempted from such taxes, but Municipal Commissioner Nikhil Tikaram Funde said notices have been issued to several buildings and those eligible will be given the relief. The Agra Municipal Corporation's notices ask the ASI to pay a water tax of Rs 1.94 crore and a property of Rs 1.47 lakh for the Taj Mahal, and Rs 1.40 lakh as property tax for another monument, the tomb of Itmad-ud-Daulah. The notices were issued for the financial years 2021-22 and 2022-23, and the ASI has been asked to pay up within the next 15 days. In-addition, the Agra Cantonment Board has sent out a notice to the ASI to recover a service tax of Rs 5 crore for the Agra Fort, an official said. Agra Circle ASI .

Centre working on property, discoms data sharing to widen GST payer base

The Centre and states are working out strategies to widen taxpayer base under GST and have started pilot projects on sharing of data with discoms and property tax details to identify non-GST registered businesses. Central Board of Indirect Taxes and Customs (CBIC) chief Vivek Johri said a pilot project on data sharing with discoms is ongoing in Madhya Pradesh, while Gujarat is undertaking a pilot on PAN-based linkage of businesses. Maharashtra is doing a pilot on sharing property tax data and geo tagging businesses and linking with their property. "We are working out (a) strategy, we are discussing with states. Widening GST base would mean we have to see taxpayers who ought to be in tax net are they there or not. What we are looking at is robust data from all agencies," Johri told reporters here. Explaning how the data sharing with power distribution companies or discoms would work, Johri said the department would match data base to see who are electricity consumers with commercial

Delhi L-G launches one-time property tax amnesty scheme 'SAMRIDDHI 2022-23'

Delhi Lieutenant Governor Vinai Kumar Saxena Tuesday launched a one-time property tax amnesty scheme "SAMRIDDHI 2022-23", saying it will provide a major relief to lakhs of residential and commercial property owners in the city. SAMRIDDHI, an acronym for Strengthening and Augmentation of Municipal Revenue for Infrastructure Development in Delhi, will start on October 26 and end on March 31, 2023, with no further extensions. Under the scheme, residential property owners can pay just the principal property tax amount of the current and of the past five years. For commercial properties, owners can pay the principal amount case of the last six years and get a waiver on past pending dues, including penalty and interest, according to an official statement. The L-G said SAMRIDDHI 2022-23 is a people-friendly initiative of the Municipal Corporation of Delhi which will provide a big relief to the residents and encourage property owners to get rid of long-pending disputes and related ...

Hong Kong cuts property taxes, eases visa rules to attract global talent

Hong Kong Chief Executive John Lee unveiled a sweeping plan to woo talent back to the city and ease its housing woes, in a bid to revive its status as a thriving international finance hub

DLF sells all 292 luxury homes in new project at Gurugram for Rs 1,800 cr

Realty major DLF has sold all 292 luxury homes in Gurugram for over Rs 1,800 crore within few days of the launch of the project, signalling strong demand despite rise in interest rate on home loans and property prices. On September 26, DLF had launched its project 'The Grove' located at DLF phase-5 in Gurugram, Haryana. The company has advertised in leading newspapers that "'The Grove' is now sold out". According to sources, the project has been completely sold out in just eight days of the launch. The total sales revenue from this project is over Rs 1,800 crore. Housing sales across all segments -- affordable, mid-income, luxury and super luxury -- have revived significantly after the second wave of the COVID pandemic, which hit India during April-June 2021. "We have launched a new project which will be low-rise luxury development comprising 292 residences. The total developable area in this project is 8.5 lakh square feet," DLF Group Executive Director and Chief Business Officer

How to pay MCD property tax online? A step-by-step guide to the procedure

Property tax is one of the major sources of revenue for local governments/Urban Local Bodies (ULBs)

Section 54 benefits available on house built on contiguous plots: Experts

If adjacent apartments are purchased from a developer, make the modifications to convert them into one unit

Planning to buy a house in Delhi? Check factors to consider, other details

What is the procedure to buy a house in Delhi? From home loan to location, here is a step-by-step guide on how to plan such an investment

AAP expects property tax hike by MCD, warns civic body against such move

The AAP on Tuesday warned the Municipal Corporation of Delhi (MCD) against any move to increase property tax, asserting that such a step will get stiff opposition from the party.

MCD introduces uniform property tax rates; to be applicable from July 16

The new rates of property tax will be applicable from July 16 and no additional surcharge will be levied on tax payers who have already paid their taxes

MCD extends last date for filing property tax for availing rebate to Jul 15

The Municipal Corporation of Delhi has extended the last date for filing property tax for 2022-2023 for availing rebate of 15 per cent to July 15, officials said on Friday. Previously, the last date was June 30. MCD provides a rebate of 15 per cent in property tax if the amount due for current financial year is paid in lump sum. "MCD has taken this decision to provide relief to citizens who failed to avail this rebate by not filing their property tax till June 30 due to some reasons. "MCD has ordered all concerned officials in this regard and property tax offices have also been made aware about the decision so that citizens don't face any inconvenience," the civic body said in a statement.

Don't lose the plot while buying land: Hire a lawyer to verify legal title

Plots don't age, offer better RoI than apartments

Maha cabinet waives off property tax for houses up to 500 sq ft in Mumbai

The Maharashtra cabinet on Wednesday approved the state government's decision to waive property tax on houses upto 500 sq ft in Mumbai.

Mumbai: No tax on residential properties up to 500 sq ft, says Uddhav

Property tax on residential units of up to 500 sq ft, located within the Mumbai municipal area limits, will be waived off, Maharashtra Government said on Saturday. Chief Minister Uddhav Thackeray announced the decision at a meeting of the urban development department earlier in the day, an official release said. The waiver comes ahead of Mumbai municipal corporation elections due next month. The CM has asked the administration to implement the decision with immediate effect, the release said. It quoted Urban Development Minister Eknath Shinde as saying that the decision will benefit owners of over 16 lakh houses below 500 sq feet in Brihanmumbai Municipal Corporation (BMC) limits. Shinde said the Shiv Sena, which rules the BMC, has fulfilled an important assurance it gave ahead of the 2017 BMC elections. Thackeray on Saturday chaired a virtual meeting with Shinde, Mumbai district guardian minister Aslam Shaikh, Mumbai suburban district guardian minister Aaditya Thackeray, Mayor .

China finance minister urges deeper property tax reforms: Report

China's property market has been a key driver of the country's economic growth, but it has been hit this year by tighter regulations and a liquidity crisis

No property tax hike in NDMC budget due to the Covid-19 pandemic

The North Delhi Municipal Corporation is not proposing any increase in property tax in its budget in view of the financial strains faced by people due to the COVID-19 pandemic