Real Estate Forum on Taxation Advice

Latest Answer: Hey, the registration fee for property in Hyderabad has always been 0.5% of the market value of property. You will need to submit all your documents, like the sale deed, at the office of the local sub-registrar. You can also register them at the district registrar’s office. It is good that you’re aware of the importance of registering your property. In the recent times, property registrations have dropped drastically. Though it might seem like quite a hassle, property registration is necessary. Without registering your property, you won’t get to own it officially.

Latest Answer: You will have to pay property tax according to many factors like size of the house, and where your house is located. In the old rental value system, owners paid 15% of the rental value of the building. If the flooring used in your house is marble or luxury tiles, you will have to pay 15% extra. You can pay your property tax online at http://tax.lsgkerala.gov.in/epayment/, which is run by Information Kerala Mission.

Latest Answer: How to obtain the PIN with IMC, as it asks for PIN or service number to show your property tax details or online payment?

Latest Answer: The payment system at the zonal offices is a very confusing procedure. It is better to pay the tax at the bank. Mysore City Corporation has started a new system of property tax payment at different branches of certain banks, like State Bank of Mysore, Vijaya Bank, ING Vysya, and Syndicate Bank. You can go to any branch of any of these four banks and deposit money in the MCC account for that bank. The MCC has been working on starting up a system of online property tax payment from 2010. But they haven’t been able to put up the facility on the website as of now.

Latest Answer: The current stamp duty in city limits is 7 per cent, 5 per cent in panchayats, and 6 per cent in municipal areas. The Kerala government are planning to fix a uniform tax rate at 6 per cent for the entire state. It is a tax imposed by the government on property transactions. The stamp duty in Kochi has reduced from 13.5 to 9 per cent, and is currently at 7 per cent. The duty is to reduce to 6 per cent from April 1, 2014. Ensure you pay the stamp duty, because if you don't you'll have to pay a fine of 2 per cent every month or 200% of the stamp duty deficit amount.

Latest Answer: Hey, Aasthi is the property tax that is levied on immovable property by the Mysore City Corporation. According to the Karnataka Municipal Corporations Act, property tax remains constant for three years, then increases by 15%. So all you have to do is pay the same amount for three years, then increase it by 15%, and pay that amount for next three years and so on. You can also go to the zonal office to get it calculated by paying an extra Rs 25 to Rs 50. That is unnecessary as you can do it by yourself.

Latest Answer: You will have to pay 1% of the market value of the property to register your property. It is compulsory for you to register your property according to The Registration Act 1908. For that, you will need to prepare the final sale deed and also pay stamp duty. You will also need to submit all required documents to the Sub-Registrar of Assurances. You can either pay by cash or by demand draft. The seller must be present at the Sub-Registrar's office during registration. You will incur a penalty if you do not pay the stamp duty.

Latest Answer: Yes, the rates of stamp duty have fallen considerably. Not just for sale deeds, but also for gift deeds and mortgage agreements. The development or construction agreement is only 0.5% now, and the mortgage with possession agreement is 2% instead of 5% of the market value. Gift deeds are 1% in favor of relatives and 4% in favor of others. You must keep in mind that the different stamp duty rates are chargeable on the market value of the property and not on the actual price of the property.