Business Standard

Property Tax

Buying a property? Check stamp duty rates in key metro cities

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

Buying a property? Check stamp duty rates in key metro cities
Updated On : 07 Oct 2024 | 8:14 PM IST

NDMC to give 5% rebate on property tax payments on or before Sep 30

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.

NDMC to give 5% rebate on property tax payments on or before Sep 30
Updated On : 30 Aug 2024 | 5:48 PM IST

Capital gains tax changes may impact investment behaviour: Rashesh Shah

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

Capital gains tax changes may impact investment behaviour: Rashesh Shah
Updated On : 31 Jul 2024 | 10:11 AM IST

NDMC's revenue collection for FY24 stands at Rs 3,795 cr, exceeds target

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

NDMC's revenue collection for FY24 stands at Rs 3,795 cr, exceeds target
Updated On : 03 Apr 2024 | 9:49 PM IST

Report accurate land or building area to avoid assessment disputes

Preserve ownership and renovation documents to bolster case regarding property value

Report accurate land or building area to avoid assessment disputes
Updated On : 29 Feb 2024 | 9:41 AM IST

NDMC conducts seal drive in CP over non-payment of property tax dues

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.

NDMC conducts seal drive in CP over non-payment of property tax dues
Updated On : 28 Feb 2024 | 6:51 AM IST

K'taka Assembly passes bill slashing penalty on property tax in Bengaluru

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

K'taka Assembly passes bill slashing penalty on property tax in Bengaluru
Updated On : 21 Feb 2024 | 9:44 AM IST

Property tax payment rules to be amended: Karnataka Dy CM Shivakumar

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

Property tax payment rules to be amended: Karnataka Dy CM Shivakumar
Updated On : 06 Jan 2024 | 10:00 PM IST

Will or gift: The better way to transfer assets to the next generation

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

Will or gift: The better way to transfer assets to the next generation
Updated On : 10 Dec 2023 | 9:39 PM IST

MCD exempts house tax in residential areas across its rural jurisdiction

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

MCD exempts house tax in residential areas across its rural jurisdiction
Updated On : 02 Dec 2023 | 6:18 PM IST

9 different ways to save tax when you sell a house

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

9 different ways to save tax when you sell a house
Updated On : 24 Aug 2023 | 10:14 AM IST

Property registrations in Mumbai fell 12% to 9,923 units in June: Anarock

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

Property registrations in Mumbai fell 12% to 9,923 units in June: Anarock
Updated On : 31 Jul 2023 | 2:27 PM IST

Over Rs 1,100 cr property tax collected in Delhi this quarter: MCD Mayor

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

Over Rs 1,100 cr property tax collected in Delhi this quarter: MCD Mayor
Updated On : 03 Jul 2023 | 4:46 PM IST

Will not allow BBMP to increase tax to fulfil guarantee schemes: K'taka AAP

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

Will not allow BBMP to increase tax to fulfil guarantee schemes: K'taka AAP
Updated On : 31 May 2023 | 5:46 PM IST

The tax rule to know when you partner with relative to buy property

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

The tax rule to know when you partner with relative to buy property
Updated On : 28 Apr 2023 | 7:17 PM IST

Delhi mayor meets A&C dept officials, reviews property tax schemes

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 ...

Delhi mayor meets A&C dept officials, reviews property tax schemes
Updated On : 07 Mar 2023 | 9:44 PM IST

Property tax will be implemented in consultation with public: J&K LG Sinha

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 ...

Property tax will be implemented in consultation with public: J&K LG Sinha
Updated On : 25 Feb 2023 | 7:52 PM IST

People buy iPhones, use Internet data, play games & yet oppose property tax

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

People buy iPhones, use Internet data, play games & yet oppose property tax
Updated On : 25 Feb 2023 | 11:02 AM IST

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

Jammu industry body threatens to shutdown if govt fails to withdraw order
Updated On : 24 Feb 2023 | 10:57 PM IST

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

Reconsider imposing property tax in J-K, leave decision for govt: Azad
Updated On : 24 Feb 2023 | 2:57 PM IST