Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: articles on VAT and GST in India :: VAT RATES :: list of goods taxed at 4% :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: ACCOUNTING STANDARD :: due date for vat payment :: TDS :: ACCOUNTING STANDARDS :: empanelment :: Central Excise rule to resale the machines to a new company :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
« General »
 Retailers need to file single GST return every month
 Aadhaar is must for income tax returns if you have one; Here's how you can file it online
 Will it be a tax haven above the law?
 Your mutual fund investment tax efficient? Here are 3 steps to ensure utmost efficiency for your portfolio
 Finally a goods and services tax. But what lies ahead?
 Tax May Rise On Outbound M&As, Indian Mncs’ Investments
 Filing income tax return? Do remember to claim benefits on your reimbursements
 Banks will have a hard slog ahead to get GST-ready
 Clarification regarding applicability of Section 16 (1)(a) of the Companies Act. 2013 with reference to cases under corresponding provisions of Companies Act. 1956
 Introduce indemnity clauses with suppliers on tax compliance: Expert
 While filing tax in India, NRIs do not have to report overseas assets

Property tax could cause exodus from Mumbai by 2020, warns taxation expert
May, 18th 2013

Individual property owners as well as housing societies in Mumbai are burdened by the multiple increase in property tax that is moreover being levied with retrospect effect.

Thousands of petitions have already been filed in the law courts against the BMC's new levy.

The Flat Owners Association recently held a seminar to discuss the impact of this increase in property tax on the common man.

Diwakar Raote, MLC, questioned the validity of using the ready reckoner to compute taxes. He said the RR is only a guideline used to determine market value for the payment of stamp duty. The BMC is the only civic body that has moved to the capital value-based system for levying property taxes, he added.

However, senior chartered accountant and taxation expert Vimal Punamiya said that the fact that tax calculation will now be based on the government's ready reckoner will reduce corruption. He said the BMC had tried to cushion the impact of the exorbitant increase for the first five years by capping the increase of property taxes to a maximum of 100% over the earlier rate. Also, it had not increased taxes for residential properties of less than 500 sq ft carpet area for five years.

Yet, Punamiya cautioned that a substantial number of properties in South Mumbai were tenanted properties. Here landlords will relay the increase to tenants who may face the danger of eviction if they do not assist the landlord in paying property tax. Punamiya said he feared an exodus from Mumbai by the year 2020 as property taxes will skyrocket. Residents who have lived in Mumbai for more than 25 years will be unable to afford to pay, he said.

Advocate Shilpa Mahabaleshwar Morje, secretary of the Flat Owners Association, said it was appalling that taxation had been made revenue neutral even for residential properties. She said there need to be separate categories for self-occupied properties and those that are sub-let or rented with maximum concessions to self-occupied properties. The concession due to the age of the building should consider the cost inflation index in favouring old properties. Morje said the civic authorities should give major concessions to properties housing orphans, destitute women and children.

Advocate Girish S Pikale, chairman of the association, suggested that like Goa, the Mumbai municipality should directly bill members or occupants of individual housing units so that they are responsible for tax dues, not the society or landlord. He said that he basis of tax should be carpet area instead of a vague built-up area, and reconciled with ready reckoner rates which are based on carpet area.

Pikale said tax from tenants should be levied directly by the municipality instead of making the landlord collect the dues.

The occasion saw the book release of 'A Practical Guide for Transfer of Flat to Nominee/ Heir' by advocate Shilpa Mahabaleshwar Morje at the hands of Diwakar Raote.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions