Pune, which had began its tax cost on-line facility in 2005, has seen a drastic increase in its customers in at the moment’s date. NRIs and POIs do not require permission from RBI to acquire residential / industrial premises in India (aside from agricultural land/farm home/plantation property). The PMC is facing important technical issues in issuing property tax payments and sending them to property owners. Property tax is a levy issued by a government on an individual’s actual or personal property. The civic general body on Thursday increased the property tax by 10% and water tax by 50%.
Unlike dedicating a day to pay your property tax in the Pune Municipal Company (PMC) office, the web cost could be completed in a jiffy. Aside from the folks proudly owning a property in Pune who are staying in different cities in the country, NRIs have additionally benefited tremendously from the online property tax fee. The Stamp Obligation is payable on the settlement value of the property or the market value which ever is increased.
PUNE: The property tax division of the Pune Municipal Company (PMC) has started its own website to help residents resolve their property tax points. The civic body has supplied a ten% discount on tax of Rs 25,000 or less and a 5% discount on the quantity above Rs 25,001. Pimpri Chinchwad Municipal Corporation is a Municipal Corporation within the city of Pimpri-Chinchwad which is the City Agglomeration of Pune.
Walls N Roof Comment : Property tax refers back to the annual quantity paid by a property owner to the native authorities or the municipal corporation of a particular space. Property tax is a levy imposed by the federal government on an individual’s real or private property. The website offers options for most important issues of residents, resembling faulty tax bills and circumstances of incorrect imposition of tax. The civic administration will cost a penalty of 2 per cent per month from residents who pay property tax after Might 31. The department handles the billing and collection of property tax on residential, commercial, plots and other sorts of properties – held privately or by government (state and central) – within the PMC limits. Property prices at most necessary areas of Pune are firming up in the wake of demand from the knowledge technology sector.
It is the first time now we have completed so. The administration has kept the goal of incomes Rs 1600 crore from property tax for the following monetary 12 months,” mentioned Kunal Kumar, whereas chatting with reporters. The annual price range target for property tax assortment was set at Rs 546 Crore and there are close to four.38 Lakh properties which might be registered within the city. Proceeds from sale of property originally purchased in Indian rupees must remain in India and can’t be transferred abroad.
Pune is surrounded by several lakes and reservoirs equipped with water filtration plants that ensure clean ingesting water all yr round. For the PMC, property tax is one of the main sources of revenue for the civic body. Pune property market possesses immense potential which is additional evident by its comprehensive development that’s believed to shoot up more in approaching years.
Pune railway station, thought of one of many oldest railway stations in India, is supported by different proximate stations – Shivajinagar, Khadki and Talegaon. Slightly over 1.16 lakh property tax assesses in the corporation limits used the net channel to remit property taxes. Pimpri Chinchwad Municipal Company or PCMC has managed to collect new projects in Pune Rs 243.05 Crore in property tax during the first half of the fiscal yr. You must obtain Permission u/s 230A of the Earnings Tax Act if the value of the property to be sold is more than 5 lakh.