Nagpur civic authority cuts 200% extra tax on rented properties

By Accommodation Times Bureau NAGPUR On Thursday, Mayor Nanda Jichkar announced during a conference that, Nagpur Municipal Corporation (NMC) has decided not to levy any extra tax for rented properties. The relief has been given for both residential and commercial properties. Until now, rented properties were taxed at thrice the normal rate. A

Background paper on Property Tax

Background paper on Property Tax in urban areas by govt. of Maharashtra The sources of Revenue for the urban local bodies in Maharashtra are income from taxes collected by the local body, grants from Govt. and other sources of income which include levies, fees etc. Property tax and octroi are the

Property Tax : Mumbai

From July 1,2008, it will be mandatory to property owners, who rent out their property in Mumbai, to pay 83 per cent of half of the rent amount as property tax to the Brihanmumbai Municipal Corporate (BMC). The BMC Act 155 makes it mandatory for landlords to submit

At What Age Should You Invest in Real Estate?

By Kishor Pate, CMD - Amit Enterprises Housing Ltd. Accommodation Times Bureau In India, the current mantra is that property investment is ideal only for , upcoming or established career makers - but is this true? How do banks, lenders and the property sector at large view investors who do not fall in

Rental Reforms Redefine the Indian Real Estate Sector

By Anuj Puri, Chairman – Anarock Property Consultants By Accommodation Times Bureau Several breakthrough reforms with pertinence to the Indian real estate sector saw the light of the day over the last one year. Be it demonetization – the Government’s ‘surgical strike’ against black money - the revolutionary RERA or the unified tax

Is GST Bad News for Home buyers and Renters?

By Ramesh Nair, CEO & Country Head, JLL India By Accommodation Times Bureau The Lower House of India’s Parliament has cleared four bills in preparation of the upcoming rollout of the Goods and Services Tax (GST) regime:   Integrated GST Central GST Union Territory GST, and Compensation Bill.   This sets the stage for states to enact laws and implement

Income from renting of palace not taxable: SC


In an appeal filed by a former ruler of a princely state of Kota seeking tax exemption on the income generated through renting a portion of his residential palace, a bench of Supreme Court judges held that such earnings was not taxable under the IT Act. The dispute arose when the