Q:I have purchased newly constructed flat and registered it in June 2016. We have received property tax bill recently, I wanted to know how property tax gets calculated. One of my friend told me that property tax would apply after the period of 2 yrs from the date of approval of plan of building. Is this correct? what is the process. Any idea? Thanks in advance.
Latest Answer: Every property is an asset which is taxable and the property tax is an annual amount paid by a property/land owner to the government. Have not heard that property tax is applicable after the period of 2 years.
