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adProperty News For November 2007

     
 
Does the property tax need revision
Source : The Hindu Property Plus Published On : 2007-11-10 City : Chennai

The GovernmentofTamilnadu recently issued an order instructing all local bodies to revise their property tax rates by Apirl 2008. TheChennai corporation is expected to follow the direction and revise the tax rates.

The questions on many lips are : is it necessary to revise the tax and how far will it help? The government order states that the property tax was last revised in 1998 and the next revision was due in 2003.The order implies that the revisionis already four years late. Those in support of revision indicate that the property tax is not commensurate with the market value of the property or the rent it fetches. The Madras city Muncipal Corporation Act 1919 deals with the property tax. The act states that the period between two revisions mustbe five years and that the ‘Commissioner may revise’ the property tax in accordance with the provisions of act.

Different methods of property taxcalculation are used in India. Chennai follows the rateable value system where the property tax is calculated as a percentage of the annual rental value. New Delhi uses the ‘ unit area ‘ method where a value is fixed for a square metre of space based on its location. In Chennai , thehalf yearly property tax rate ranges from 6.62 per cent to 12.40 per cent of the annual rental value. In Kolkata , which uses the same method as Chennai , the property tax rate ranges from 11 per cent to 40 per cent of annual rental value. In Hyderabad it is 30 per cent....

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Exemption from capital gain tax
Source : The Hindu Property Plus Published On : 2007-11-24 City : Chennai

My residential property was in Mumbai.I sold it on August 23,2007 as I was transferred from Mumbai to Pune. I bought it for Rs.12,70,750(excluding stamp duty and registration fee) and sold it for Rs.21,90,000. I bought another residential property at Pune for Rs.14,25,000(excluding stamp duty and registration fee).Is it exempted from capital gain tax?

Our Panellist C.H.Gopinatha Rao Replies:

There should be a minimum period of three years to be treated under long term capital gain tax....

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