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Economy
- PREV DEFINITIONProgressive TaxProgressive tax is the taxing mechanism in which the taxing authority charges more taxes as the income of the taxpayer increases.Read More
- NEXT DEFINITIONProportional TaxProportional tax is the taxing mechanism in which the taxing authority charges the same rate of tax from each taxpayer, irrespective of income.Read More
What is 'Property Tax'
Definition: Property tax is the annual amount paid by a land owner to the local government or the municipal corporation of his area. The property includes all tangible real estate property, his house, office building and the property he has rented to others.
Description: In India, the municipal corporation of a particular area assesses and imposes the property tax annually or semi annually. The tax amount is based on the area, construction, property size, building etc. The collected amount is mainly used for public services like repairing roads, construction schools, buildings, sanitation
Central government properties and vacant property are generally exempt. Property tax comprises taxes like lighting tax, water tax and drainage tax.
- PREV DEFINITIONProgressive TaxProgressive tax is the taxing mechanism in which the taxing authority charges more taxes as the income of the taxpayer increases.Read More
- NEXT DEFINITIONProportional TaxProportional tax is the taxing mechanism in which the taxing authority charges the same rate of tax from each taxpayer, irrespective of income.Read More
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New LTCG rule on property to hit homeowners hard: Below 9% annual property price growth, common in many cities, could mean higher loss nowBudget 2024 eliminated the indexation benefit on calculation of capital gain tax on property sales, imposing a flat 12.5% long-term capital gain tax instead. The Ministry claimed the majority of homeowners would benefit, but an analysis showed that those with slow or stagnant property growth will end up paying higher taxes now. Most major cities experienced below 9% property price growth over the past five years, burdening these homeowners further.
GIS mapping should be done jointly by government and companies like MapMyIndia: Rohan VermaRohan Verma, CEO of MapMyIndia, highlighted the potential of GIS mapping and the ULPIN system to revolutionize land records in India. The initiative aimed to boost social harmony, economic benefits, and efficient urban planning. Verma criticized monopolistic global map providers and unreliable local competitors, stressing MapMyIndia’s proven track record in accurate mapping solutions.
GIS mapping should be done jointly by government and companies like MapMyIndia: Rohan VermaRohan Verma, CEO of MapMyIndia, highlighted the potential of GIS mapping and the ULPIN system to revolutionize land records in India. The initiative aimed to boost social harmony, economic benefits, and efficient urban planning. Verma criticized monopolistic global map providers and unreliable local competitors, stressing MapMyIndia’s proven track record in accurate mapping solutions.
Removal of indexation benefit on sale of property: Why 2001 is a critical year when selling your houseThe long term capital gains (LTCG) tax has been reduced from 20% to 12.5% for all property sales. However, the benefit of indexation has been taken away from properties bought or inherited on or after 2001, while it has been retained for properties bought or inherited before 2001.
Bengaluru restaurant once refused entry to 2 entrepreneurs for wearing slippersA Bengaluru mall faced backlash on social media when it denied entry to an elderly farmer dressed in traditional dhoti-kurta. In another incident, an entrepreneur disclosed that he and a friend were barred from entering a high-end Bengaluru restaurant because they were wearing slippers instead of formal shoes.
BMC warns of stringent action if property tax dues not paid by May 25BMC urges tax payment by May 25 deadline, threatens action. Rs 3,195 crore tax collected last year. Doubling tax for non-Marathi signs in shops.
Mumbai to impose double property tax for non-Marathi signboardsBMC in Mumbai enforces Marathi signboards for shops, aligning with rules and Supreme Court directive. Compliance drive resulted in fines, highlighting the importance of linguistic diversity and legal adherence in commercial spaces.
Palaniswami strains every nerve for the AIADMK to bounce back in Lok Sabha pollsBy snapping ties with the BJP in September last year, the AIADMK expected at least a couple of DMK's allies including the Viduthalai Chiruthaigal Katchi to join the alliance led by it.
Karnataka Assembly passes bill slashing penalty on property tax in Bengaluru by 50 percentDeputy Chief Minister D K Shivakumar, who holds the Bengaluru development portfolio, tabled the bill in the Legislative Assembly."With the passing of this Amendment Bill, the penalty amount is halved, saving Bengalureans a whopping Rs 2,700 crores. The BBMP will be able to collect penalties worth Rs 1000 crore," a statement issued by Shivakumar's office said.
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