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Indian Real Estate News : Delhi NCR
Property tax in trans-Yamuna area likely to go up
Source: PTI Dec 06, 2012
Property tax in trans-Yamuna area is likely to go up with East Delhi Municipal Corporation today proposing an increase of property valuation by 1.6 times and imposing education cess and betterment tax on it.

In its budget for the next fiscal, the EDMC also proposed professional tax and electricity tax on power generators of five KW and above and new parking fee rates on minute basis to augment its coffers.

Though no increase in property tax was proposed in his budget speech, EDMC commissioner Sajjan Singh Yadav said there was a need for revising the valuation of property and proposed that in all the 8 categories of residential properties, the valuation be increased by 1.6 times.

He also proposed a five per education cess and ten per cent betterment tax on property tax. An amount of Rs 11 crore is expected from this cess during the next financial year and Rs 22 crore from betterment tax.

"The value of the properties is getting increased due to infrastructure development, modern transport facilities and regularisation of colonies. It is proposed to levy 10 per cent of the property tax as betterment tax," he said.

An EDMC official, while explaining the new process, said that one has to pay Rs 12 for a property valued at Rs 12 as property tax for category A and B.

"But if the proposal of increasing the valuation of property is accepted, the value of property will rise to Rs 160 and one will have to pay Rs 19.20 as tax. One will also have to pay five per cent education cess and 10 per cent betterment tax on Rs 19.20. So the residents end up paying Rs 22.80 in entirety if the new proposals are increased," he said.

In effect the proposal if passed, the property tax will come to around 22.8 per cent.


Tag: property buying in india, real estate trends, property of india, real estate in india, tax for homes
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