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Chennai property tax made easy

By 03/01/2019Posts

How to pay capital levy on-line in Madras

Anybody UN agency owns property, whether or not it’s an advert building, house or land should pay a capital levy or house tax to the govt.. this can be an area tax and to not be confused with the revenue enhancement that is paid to the central or federal, or service tax that is paid on services or product.

Property tax is levied by the government and is delegated to the native bodies like the town firms or municipalities to specify the valuation methodology, the levy band and also the procedure for assortment. This tax should be paid annually by the owner of the property. The assets is calculated on the annual rental worth (ARV) or on a rating supported the neck of the woods.

Reasonable holding worth

The Madras Corporation uses the conception of cheap holding worth (RLV) to calculate the ARV and also the yearly capital levy, beneath Section one hundred of the Madras town Municipal Corporation Act 1919. this can be relevant to any or all properties in Madras. The RLV is additionally called the monthly rental worth. There are totally different rates for industrial and residential properties.

The factors within the assessment of capital levy

a) footstall space
b) the essential rate of the neck of the woods
c) Building use- residential or industrial
d) Owner occupied or rented
e) Building age

Locations and Rates

The Madras Corporation in 1993-94 divided the town into 172 residential locations and 274 non residential locations. therefore residential locations and non residential locations have totally different rates. the essential rate ranges from a minimum of office zero.60 per square foot to office a pair of.40 per square foot for residential and office four per square foot to office twelve per square foot for non residential locations.

How to calculate capital levy

While shrewd capital levy, the primary issue to try and do is to reach the annual worth of the property. this could be done by shrewd the monthly rental worth. this can be the formula in line with the Madras Corporation website: – footstall space x Basic Rate per square foot = Monthly rental worth. The second step is to get the annual rental worth. this could be obtained thus: – Monthly rental worth x12 minus 100%.

Documents needed

The documents that ought to be enclosed ar the deed of conveyance with approved set up copy and a replica of the last paid tax receipt. within the case of hired land, a no objection certificate from the owner of the land for assessment ought to be encircled.

Owner Rebate, Exemptions .

Properties that aren’t rented and occupied by the owner are given a rebate. there’s additionally a rebate on the age of the building.

Properties in hand by the Central Government ar exempt from paying capital levy. Buildings occupied by foreign missions additionally fancy a tax exemption. There ar totally different assessment slabs for special kind of buildings like (a) nursing home/hospital (b) star hotel/lodges (c) cinema theatre (d) kalyana mandapam

Property tax is additionally in the course of some service taxes like water tax, evacuation tax and sanitation or conservancy tax.

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