Property Transactions Set to Go Costlier

CREDAI Bengal Chapter has said that new property tax will make property transactions costlier. It will adversely affect property transactions as well as the realty sector.

KOLKATA: The state government of Bengal has proposed new tax on property transactions. This was presented in the Finance Bill 2013.  Continue reading

BMC grants 3-months more for paying property tax bills

Brihanmumbai Municipal Corporation (BMC) finally decided to grant three more months to the residents for paying the property tax bills.
BMC consoles the residents of Mumbai by extending deadline to pay the property tax bills.

BMC consoles the residents of Mumbai by extending deadline to pay the property tax bills.

Considering the large number of petitions filed by the residents of Mumbai, Brihanmumbai Municipal Corporation (BMC) finally decided to extend the last date to pay the property tax bills. Additionally the residents had conducted many protests in the city, with the support of many NGOs.

The residents of Mumbai finally had a good thing to appreciate BMC. The civic body was sharply criticized for its new property tax system. Complaints against the new property tax system were piled in the office of BMC.

As per the new property tax system, the citizens were to pay the property tax based on the capital value of their property. The bills calculated on the basis of capital values were sent to the citizens. Many of the citizens complained to the civic body that the bill system was partial. Continue reading

New property tax of BMC, residents protest stongly

Residents of the city have decided to contest a protest against BMC which has recently announced its new property tax policy. As per the new property tax policy the property tax will be calculated on the basis of capital value.
New property tax plan of BMC, received severe discontent.

New property tax plan of BMC, received severe discontent.

BMC’s decision to compute property tax on the basis of capital value of the property raised the anger of the city residents. The residents of over 35,000 housing societies have already decided to protest against the new property tax policy of BMC.

Some citizens’ groups and 40 Non-Government organizations will support and take part in the protest. They have planned to conduct a one-day hunger strike at Azad Maidan. They plan to conduct the hunger strike before the current session of BMC ends next month.

NGOs like the Bombay Catholic Sabha, Federation of Housing Societies, SOUL and Watchdog Foundation will partake in the protest. While addressing the media, the representatives of these NGOs said that they want the authorities to do away with the new system.

They demanded the authorities to go back to the old system. They claimed that the new property tax system has really upset the people. Continue reading

Maharashtra Govt. nods e-payment of stamp duty

Renovating the entire stamp duty collection system, Maharashtra Government has approved e-payment of stamp duty.
Maharashtra govt decides to go online for property tax payment

Maharashtra govt decides to go online for property tax payment.

Property transactions will be easier in Maharashtra now. And you will have more convenience on moving around from office to office, one to the other. All this will be possible in Maharashtra where the government has decided to accept e-payment of stamp duty.

To pay stamp duty for your property transactions, you may soon be spared of doing the rounds of multiple offices.

Under the new model, the stamp duty for property transactions will be collected by authorized banks. With the approval the buyers will be able to pay the property tax in the bank counter.

Under the new system, the buyer, or the one who needs to pay the property tax, can pay the property tax in the bank. However this new system is applicable only for the sum over Rs.5000.

Property deals will be easier in Maharashtra with online tax payment

Property deals will be easier in Maharashtra with online tax payment

Once the stamp duty is paid with the bank officer who collects the amount, the officer will return a digital bill to the payer. The bill, known as Electronic Secure Bank and Treasury Receipt (eSBTR), will look like a stamp paper. Moreover it works as a stamp paper.

While the payment is made, the customer has to provide all details related to the property transactions to the bank officer who will feed all the given details in to an online database.

The digital bill or the e-receipt is expected to be more secure than traditional stamp papers. It is the main difference between the two. Traditional stamp papers are more viable to falsifying.

Making it more secure, the category of the paper used for the receipt also will be entered in the database. So it will be easier for the officials to track the receipts and identify whether the produced receipt is fake or original.

The new system of paying property tax through banks will be first initiated in Mumbai and will be followed by Pune. The new system will be introduced in other cities afterwards.