Property tax

Q: What about property tax? when we are going to pay ? one fine morning we have to pay with arrears?

ananthapadmanabhan, Apartment Resident, Chennai

7th July 2012

Property Tax in Chennai

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Chennai Property Tax Property Tax in Chennai

Replies (8)

I had purchased a flat in Feb 2013 now I want to sell this flat say dec 2015 what will be the tax legal responsibility.

Anoop K, Chennai

18th December 2015

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Yes there will be tax liability as per short term capital gain tax rules. Long term capital gain tax is applicable only if the flat sold after 3 years. Long term capital gain can be reinvested in land in a stipulated time to avoid tax.

Sreeshayam, Chennai

18th December 2015

Hello dear, If the house is self-occupied then you can claim interest deduction up to an amount of Rs. 30000 per year. However, if the house is let out, you can claim a deduction of the entire amount of interest on the loan.

Alex Stephen, Chennai

20th June 2015

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What type of tax benefit can I avail if I take a home development loan of Rs 5 lakh for the renovation of my own house?

Srinivas , Chennai

20th June 2015

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Hi, guys, I would like to hear your opinions,In the selling off the property who was entitled to pay TDS - buyer or seller?

Srinivas , Chennai

19th June 2015

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Hi Srinivas, The buyer would deduct the TDS and pay only the balance sum.
1. If you are a resident then TDS would be one percent.
2.If you are a non-resident then the TDS would be 20 per cent (if the property is long term capital asset for you).
3. 30 percent if property is short term, i.e. period of holding is up to three years of the sale value unless you/buyer obtains a certificate from the income tax department for lower deduction of the tax.

Alex Stephen, Chennai

19th June 2015

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Thanks, Gaurav what I know regarding benefit of property tax is that the total amount of interest deduction is restricted to Rs 1,50,000 if the property is self-occupied. No deduction can be claimed on the principal repayments made during the pre-construction period, but Principal repayment deduction too is available from the year of possession.

Chandra mouli, Chennai

18th June 2015

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Appreciate your responses and thanks, I have invested in two different projects should I claim a tax rebate if I had two housing loans on two different properties?

Rama Naidu, Chennai

18th June 2015

Hi Rama, Yes, you are eligible to claim home loan tax benefits even if you have two properties. In fact, the tax rebates are nothing to do with the number of properties. One can enjoy claims on tax deductions a housing loan on any number of properties.

Gaurav, Chennai

18th June 2015

Hi, Did you availing tax benefits that your property brings to you?

Rama Naidu, Chennai

18th June 2015

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Hi Naidu,The tax benefits start only from the year in which you obtain possession of the house.In the year of possession, you would be entitled to claim the deduction of interest for that entire year plus one fifth of the interest payable during all the preceding years on this loan.

Gaurav, Chennai

18th June 2015

Hi Ananth, Did you pay property tax last year?

Neelam, Pune

9th July 2012

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