Property tax in Chandigarh come under Municipal Corporation Chandigarh.There are different Property Tax Notification. Property Tax 1, Property Tax 2, Property Tax 3. Their are some property tax forms such as A,B,C and Payment of Property Tax is to be deposited through Cheque / DD or in the Cash in the various Nine Branches of the Oriental Bank of Commerce in Chandigarh. For more details a Booklet containing information about Property Tax and Forms can be obtained from MC Office on Payment of Rs. 50/-. Property Tax Owners are advised to pay Property Tax under Self Assessment Scheme to avail Rebates and Benefits. Normally two percent property tax approved in Chandigarh. After allowing certain deductions Tax is on the annual value of the house property. Property consists of any building, shop, flat, shop & land attached to the building. Income is calculated after deduction from the property's annual value.
Calculation of annual value of self assessment property
If the property is fully utilized for own residential stay during the year, the annual value of the self assessment (occupied) property will be taken as a NIL.If the property is not actually occupied as owner and is also not drafted, adequate annual value will be calculated.
Authorized deductions for self occupied property
The deduction will be interested, if the loan taken for the construction or purchase of the home property. Deduction of maximum on account is Rs.30,000/-; However, for properties constructed or acquired between the 1st April 1999 and the 1st April 2003 out of taken funds, maximum limit is Rs. 1,50,000/-
The Government of India has raise the tex standard as a international level. In some big cities like Bangalore, the government of Karnatka has introduced the Capital Value System (CVS)for calculated property taxes. Delhi Municipal Corporation has done online system for paying the taxes. Now the (MCD-PTIS) providing pay your property tax online, return form, property tax calculator and making payment of the tax. There are now many online websites in India filling taxes having online downloading forms. Anybody can fill up his/her tax easy with the help of Internet. The Municipal Corporation Nagpur (NMC) is the first corporation who make the record online with its five-lakh properties in city online payment of tax. The India government has assigned task to Property tax division for making the property tax law and regulating the same.
There are two types of property law Real and Personal. These two categories again divided according to its usability. Although there are many other forms of tax in India such as sales tax, income tax etc but the property tax is a major source of income of the India government. The tax which is paid by you to the government is used for making the roads, repair the roads, making the sever system, maintain the parks, trees and some of the other public welfare tasks. The property Tax and lavy tax (local tax) pay by the owner of the property. The rate of the interest charged by according to the value of the property. If the value of the tax changed, then property tax also will be changed. Recently the Patna government got property tax assessment model from UN.
Sometimes government provide the tax relief to the Senior Citizen. First-time Home buyer Individual Income Tax Credit etc. These tax discount relief the burden of tax mainly for the senior citizen and some of other people having having low income. Some of people who has low income and can want to purchase the property, and they cannot pay heavy taxes, the India government as some special discount for that people according to rules. Now the property taxes in India is going for major transformation. Our website www.acresnacres.com provides you property tax information rates in Chandigarh, India.
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