Myths about Property Tax Payments
Apr 03, 2019 Real Estate News
Your job doesn’t get over once you buy a property. Paying stamp duty and registration charges are not the only payments that one has to make while buying a property. Afterwards, the tax implications that one has to go over are essential as well. Though, we often lean towards the advice of our peers and family members when it comes to financial members, only relying on them can cost one a considerable amount of money. It is better to do one’s research to know more about property tax payments.
There are many myths regarding the same, and we bust them here:
the property value together of more than Rs 500 crore to recover their dues.
There are many myths regarding the same, and we bust them here:
Property tax can be paid anytime
Though, one can pay the property tax either annually or semi-annually, delaying or not paying the property taxes can cause a considerable penalty. The municipal office can often waiver these penalties under certain schemes. This is done to encourage people to pay the taxes on time.Tenant is supposed to pay the property tax
In India, it is the responsibility of the property owner to pay the property tax, whether it is rented out or not. It is illegal to force your tenant to pay the property tax.Central government decides the amount of property tax
Land and property is the matter of state and local municipal. The public- local bodies are responsible for determining the tax amount rather than the government. They are also responsible for the collection and evaluating your payable property tax.There are rebates for property tax
Not everyone can enjoy the rebate on the property tax unless you are a senior citizen, woman or differently abled. You can also enjoy the tax rebate if you have served Indian military services or your property is in the natural calamity zone. But an important thing to remember while applying for the rebate is that property must be self occupied. You cannot apply rebate for the property that has been rented out or any of your relative is living in it.If you defaulted on paying property tax, you could pay fine to escape it
Municipality body does charge you a lot if you default in any of your property tax payment. However, if you have escaped them for a long time, then the municipal body may put your property for auction to recover their long-held tax dues. Recently, the Pune Municipal Corporation put 600 properties on auction withthe property value together of more than Rs 500 crore to recover their dues.
