Real Estate Forum on Property Tax in Mumbai

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Latest Answer: Hi, If the amount is not utilised within three years for purchasing or constructing a house, it will be taxable after the expiry of three years from the date of sale. In your case, if the amount is not utilised within three years, then it will be taxable at 20% in 2019-20, along with 4% cess. No penalty will be levied.

Latest Answer: Apart from that, currently in the real estate sector when a house is bought by the consumer, they pay service tax of 4.5 per cent. Under GST regime, the real estate sector has been put under 12 per cent bracket. This means that instead of paying 4.5 per cent tax, the consumer will have to pay 12 per cent which means a rise of 7.5 per cent. The consumers who do not pay the whole amount together and choose the option of paying it in monthly instalment also pay service tax. This will also get converted to GST.

Latest Answer: Hi Nilesh!!!! Stamp duty should be paid before, on the day or the next working day of the execution of the sale agreement. If it gets delayed, you would be required to pay a penalty of 2% every month on the deficit amount of the stamp duty, subject to the maximum rate of 200%.

Latest Answer: Hi Abhijit and Lewin!!!!! But do you know that this upward revision in ready-reckoner rates would result in more stamp duty for the home buyers. At the same time, developers usually pass on increase in project expenditure to consumers.

Latest Answer: Hi All, Thanks for your inputs. My query is, The project is under SRA Dept. and The OC is given by SRA Dept. I have consulted 5 tax consultants. the query is about whether the SRA Dept fits under the "Competent Authority" term of Service Tax exemption rule. 3 Tax consultants say that SRA Dept OC is of NO use and BMC OC should be obtained to avoid paying Service TAX But 2 Tax Consultants say that the Project Development Plan is under SRA Dept and SRA Gives the 1st OC on the basis of which BMC later on will issue their OC.\ According to them SRA Dept fits under The specifications of "Competent Authority" Term and This dept's OC is valid for the property to gain immovable property term. so Service tax and VAT is not applicable. Hence now I am confused and seeking for the answer. If any one can enlighten me about this then it would be of a great help. Waiting for the positive reply. Thanks Dr. Satyavrat Nanal +91-9892229523 +91-8454845088

Latest Answer: Thanks for all the inputs, but I doubts if the current service tax rate for property above 1 Cr is 3.71, as I feel this was increased in November 2015 and again in this Budget. So looking for table which state the same. I don't want to give up additional amount in the name of tax,

Latest Answer: Hi everybody, Currently, REITs are facing challenges on factors like distribution of 90% of net distributable income after tax to investors; stamp duty charges that can range from 5% to 12% of the property value and minimum alternative tax (MAT), which also discourage developers to firm up REITs plan.

Latest Answer: Hi all, Resale might require dealing with some mandatory expenses like registration fees, stamp charges, transfer fees, utility transfer fees and real-estate agent fees among many others.

Latest Answer: Yes, they will tax all protected and unprotected slum properties. there are approximately 15 lakh slum structures in Mumbai. Under the Jawaharlal Nehru National Urban Renewal Mission, it was mandatory to levy property tax on every structure in the city.