Property Tax Mumbai

Property Tax Mumbai works on the Mumbai Provincial Municipal Corporation Act, 1949. In Mumbai city the owners need to file property tax returns annually. The property tax return form will ask for detailed information on the size of the property, its location, age of building etc. The Municipal Corporation of Greater Mumbai also known as Brihanmumbai Municipal Corporation (BMC) has its official website on property tax and is one of the richest corporation in India.

 

The property tax in Mumbai which was introduced in 1982 based on the rateable value system will change and New system will be based on capital value. It will be introduced in phases across the city. In the new capital value system, the value (a percentage of which will be the property tax) will be based on the actual property value. The figure will be mostly based on the stamp duty Ready Reckoner which the government brings out every year. Once the market value is decided, this market value will remain constant for 5 years.


The Mumbai city is divided into wards and property tax rates are fixed ward-wise by Mumbai Municipal Corporation.Bombay Municipal Corporation (BMC) Act is used to calculate property tax. According to this, property tax is calculated on the basis of the rent the property is likely to earn. Last year, the state government had issued an ordinance to facilitate the implementation of the capital value-based system for computing property tax. In the new capital value system, the value (a percentage of which will be the property tax) will be based on the actual value of the property. The figure will mostly be based on the stamp duty Ready Reckoner.

 

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Articles related to Property Tax Mumbai

Posted On: Dec 17, 2014
a bearing on the property market in India, as lower interest rates on housing loans can lead to positive loan rates and more purchasing power, apart from lower taxes. However, the RBI does plan to cut is dominated by the residential property segment and market forces that drive the industry include not just the price of properties and income levels, affordable property The RBI has kept the rate unchanged for the fifth successive time. This means that home
Posted On: Dec 17, 2014
to high interest rate regime and sky rocketing property rates. Private developers have been aggressively
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of immovable property. If a foreign national is visiting India, he too can open a NRO account and remit funds for the NRI. This has the added advantage of interest income and balances being exempt from Income tax and Wealth tax. FCNR (B) is Foreign Currency Non
Posted On: Dec 15, 2014
Mumbai would purchase a property in Mumbai first even though he or she would want to invest norms and tax incentives for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts better results or gains, the NRI was not able to invest in such properties due to lack of knowledge about invest in multiple properties without having to own the physical property. REITs can allow an NRI properties across multiple cities, a non-resident Indian investor can simply invest in REITs and be part
Posted On: Dec 15, 2014
these activities too through community participation. Property developers are planning landscaped gardens, terrace



News and Stories related to Property Tax Mumbai

Posted On: Dec 17, 2014
a bearing on the property market in India, as lower interest rates on housing loans can lead to positive loan rates and more purchasing power, apart from lower taxes. However, the RBI does plan to cut is dominated by the residential property segment and market forces that drive the industry include not just the price of properties and income levels, affordable property The RBI has kept the rate unchanged for the fifth successive time. This means that home
Posted On: Dec 17, 2014
to high interest rate regime and sky rocketing property rates. Private developers have been aggressively
Posted On: Dec 17, 2014
of immovable property. If a foreign national is visiting India, he too can open a NRO account and remit funds for the NRI. This has the added advantage of interest income and balances being exempt from Income tax and Wealth tax. FCNR (B) is Foreign Currency Non
Posted On: Dec 15, 2014
Mumbai would purchase a property in Mumbai first even though he or she would want to invest norms and tax incentives for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts better results or gains, the NRI was not able to invest in such properties due to lack of knowledge about invest in multiple properties without having to own the physical property. REITs can allow an NRI properties across multiple cities, a non-resident Indian investor can simply invest in REITs and be part
Posted On: Dec 15, 2014
these activities too through community participation. Property developers are planning landscaped gardens, terrace

Apartment Projects for Property Tax Mumbai

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Marol, Andheri East, Mumbai, Maharashtra, INDIA.

Sheth Auris Serenity
Link Road, Malad West, Mumbai-400064, Maharashtra, INDIA.




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