Real Estate Forum on Property Tax in Nagpur

Latest Answer: Under-construction property priced up to Rs 40 lakh treated as affordable housing and will attract 1% GST without ITC. On the other hand, more than 45 lakh property cost will not treated as affordable housing and will attract 5% GST without input tax credit.

Latest Answer: Hi friends!! In form of Krishi Kalyan Cess, a levy of 0.50% is going to add up to existing rate of service tax on all taxable services which sums up to total service tax of 15%. Arun Jaitely, in his first budget had increased service tax rate to 14% from 12.36% and then added 0.50% as Swachh Bharat Cess from 15th November, 2015. Now, with krishi kalyan cess of 0.50%, the new service tax rate will be 15% effective from 1st June 2016.

Latest Answer: Hi Everybody!!! Have you heard the latest updates on property tax in Maharashtra? Stamp duty hiked by 1% in Nagpur Metro Rail corridor by the urban development department.

Latest Answer: The standing committee has directed the administration to take strict action against the officials who have levied extra charges in the property tax bills.

Latest Answer: Hi Hitesh and Meghna!!! I think the decision to hike stamp duty is very important for Nagpur Metro Rail Corporation Limited (NMRCL) as it will get half the revenue generated by levy of the 1% surcharge. The remaining 50% will go to Nagpur Municipal Corporation (NMC) or Nagpur Improvement Trust (NIT) depending on whose land the property lies. And secondly, this revenue will help NMRCL in repaying the 500 million Euro loan it has taken from German government agency KfW and the under consideration 130 million Euro loan from Agence Francaise de Developpement (AFD), a French institution.