Real Estate Forum on Property Tax in Thane

Latest Answer: Hello Amit, Property tax in Thane can be calculated with the help of the following method (Capital value-based system) Capital value Base value x Carpet area x Use category x Type of building x Age factor x Floor factor. Property tax once fixed, will not be revised for 5 years and after that, the increase will be restricted to 40 percent. Residential units with greater than 500 sqft carpet area will pay twice the old tax or tax calculated by new system Residential units with less than 500 sqft carpet area will pay taxes as per old system. For more details visit the TMC site. Here is the website which will help you to calculate your property tax:- http://cvs.mcgm.gov.in:7001/MCGM_CVS/

Latest Answer: Hi all, The above-mentioned answers are for calculating property tax in Mumbai, not in Thane. Property tax in Thane can be calculated with the help of the following method (Capital value-based system) Capital value = Base value x Carpet area x Use category x Type of building x Age factor x Floor factor. Property tax once fixed, will not be revised for 5 years and after that, the increase will be restricted to 40 percent. Residential units with greater than 500 sqft carpet area will pay twice the old tax or tax calculated by new system Residential units with less than 500 sqft carpet area will pay taxes as per old system.

Latest Answer: Thank you Purva, Its really helpful.

Latest Answer: And remember, Since VAT is a state subject, various states have their own laws for levying VAT. To overcome the difficulty in ascertaining the exact cost of materials in the agreement amount, states like Maharashtra provide for the payment of VAT on the entire value of the agreement, under a ‘composition scheme’. In Maharashtra, the rate of VAT under this composition scheme, is 1% of the total agreement value.

Latest Answer: Thanks for this valuable information. which all banks are authorized to collect the payments of stamp duty and registration charges through E-SBTR?

Latest Answer: Hi all, VAT is applicable only on Material cost @ 14.5% and ST is applicable only on Labour & Services Cost @ 12.36%. Please note that VAT may vary from state to state.

Latest Answer: Hi, Hi, In budget 2015-16, it was proposed that a homebuyer will pay a service tax of 14% while buying a property that’s under construction instead of the current 12.36%. As service tax is charged only on the construction cost, the effective rate on the entire value of a property below Rs.1 crore is 3.09% (12.36% on 25% of property value) and for a property above Rs.1 crore, the effective rate on the entire value of the property is 3.71% (12.36% on 30% of property value).

Latest Answer: Hi Joseph, In this matter you must consult with a property lawyer. He will give you the right idea of the property tax and whether the building is legal or illegal. Nobody can help you better than a property expert.

Latest Answer: Hi, Method for fixing rateable value and calculation of property tax as under (Residential):- 50 sq-mtr RH type tenament in Nerul Node 50 sq-mtr. @Rs. 20/sq-mtr. per month. Estimated monthly rent Rs. 1000 Annual Estimated Rent comes to 1000*12=Rs.12000 Less:- 10% Statutory Deduction:- Rs. 1200 Rateable Value (Residence):- Rs.10800 And Annual Property Tax @ 38.67% on Rs. 10800 comes to Rs. 4176.

Latest Answer: How to calculate property tax? (Capital value-based system) Capital value = Base value x Built up area x Use category x Type of building x Age factor x Floor factor