Any person posses land will have to pay tax to the government. The land taxes are paid to village offices of their area. The land taxes are paid on the basis of area one occupies . This tax is paid in the village office in the name of deed holder of the property . The tax receipt is necessary for all transaction related to the property. A buyer should confirm the actual seller's name as recorded in the document . the transactions conducted without the tax receipt can be void.
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BUILDING TAX
Any one who possess a building either for residential or business purpose should pay building tax to the local body like Panchayat, Municipality or Corporation in which the building is constructed. The tax for thatched/concrete/half timbered etc. vary. The tax for residential and business type also vary. Tax for floor with Red Oxide, Tiles, Marble etc also vary. Usually the taxes are before the month of March every year, failing which fine of 24% is charged. Buildings are taxed on the basics of area in sq.ft.building having from 3000 sq ft onwards will have to pay luxury tax yearly and the normal building tax in the local body.Building below 3000sqft in area have to pay one time tax in the Village Office and the normal tax in the local body yearly....
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ONE TIME TAX..NEWS FEED FROM MURICKENS GROUP
Any one who possess a building either for residential or business purpose should pay building tax to the local body like Panchayat, Municipality or Corporation in which the building is constructed. The tax for thatched/concrete/half timbered etc. vary. The tax for residential and business type also vary. Tax for floor with Red Oxide, Tiles, Marble etc also vary. Usually the taxes are before the month of March every year, failing which fine of 24% is charged. Buildings are taxed on the basics of area in sq.ft.building having from 3000 sq ft onwards will have to pay luxury tax yearly and the normal building tax in the local body.Building below 3000sqft in area have to pay one time tax in the Village Office and the normal tax in the local body yearly....
REAL ESTATE NEWS FEED FROM MURICKENS GROUP
1) What is luxury tax?
Ans : Luxury tax is an additional tax collected from residential building above 3000 sq.ft.
2) Does luxury tax applicable for commercial building?
Ans : No. Luxury tax is applicable for residential l building only Luxury tax is applicable for residential buildings above 3000 sq.ft. Luxury tax contributors should also play onetime tax.
The State government has revised the luxury tax rate for residential buildings. The new rates are as follows:
3,000 to 5,000 sq ft RS 5,000;
5,001 to 7,500 sq ft RS 6,000;
7,501 to 10,000 sq ft RS 8,000;
above 10,000 sq ft RS 10,000.
One Time Tax calculations
For below 100 sq.mtr, there is no one time tax.
For commercial building below 50 sq.mtr there is no one time tax.
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