Topic: Property Tax When Buying a House

please explain in detail

This message was edited 1 time. Last update was at 13/04/2010 13:14:19

A Short Note on Property Tax when Buying a House

As stated under the Income Tax Act. property is regarded as one of the sources of income, hence tax is levied on it. By the word 'property' we mean real estate units like buildings, flats, shops and similar commercial units.
In countries like UK, the occupier is liable to pay the property tax, while in India it is the responsibility of the property owner to pay. The tax is levied so that the municipality authorities maintain the basic civic services of the city.

The plots that lie adjacent to the buildings and apartments do fall under the property tax while the ones that are absolutely vacant do not. Let us have a look at the following list of assets that fall under the property tax system.

Property Assets Liable to Taxes
Residential Flats/ Houses
Office Spaces
Shops
Factory and Godown

While arranging for funds to purchase, always remember that apart from the price of the property you also have to take care of many hidden payments. Take a note of the following as it would help you while purchasing a house.

Checklist for Purchasing House

The tax on property is the first charge on the asset that is payed to the government or the municipality. Hence, while buying, you are advised to make enquiries in municipal office to find whether all the taxes are met or not.
Get the latest property tax receipt from the owner.

Visit various departments of the municipal office to find whether there are any issued notices or requisitions that are outstanding or yet to be complied.

You would find mainly two columns in the tax receipt. So, while going through to it make sure that the name entered in the owner's column is absolutely correct.

The second column of the tax receipt consists of names of persons who have paid the tax. In case, the property that you are about to buy have changed hands of one owner to another, you are advised to get in touch with the village office with the survey number of the land in to get all the details of the property asset.

Best deals on Gurgaon Real Estate, Noida Real Estate and Real Estate India

In order to bring change in the taxation system, the property tax rates have been rationalised to great extent. In fact, to raise the entire tax system to international standard, new computing systems are introduced. For example, the Bangalore State Government has introduced Capital Value System (CVS). The Municipal Corporation Delhi has launched an online website simply to speed up the entire process.

Eldeco Sharanam is a residential project in Sector 107, Noida

Hi,

i am sunithasharma

The plots that lie adjacent to the buildings and apartments do fall under the property tax while the ones that are absolutely vacant do not. Let us have a look at the following list of assets that fall under the property tax system.

Property Assets Liable to Taxes
Residential Flats/ Houses
Office Spaces
Shops
Factory and Godown

While arranging for funds to purchase, always remember that apart from the price of the property you also have to take care of many hidden payments. Take a note of the following as it would help you while purchasing a house.

regards,

phe9oxis,

http://www.guidebuddha.com

property taxes are based on county assessed value of your home. If you like the county estimate is too high, and that you are paying too much tax on your house, you can evaluate the value of the property dispute.

When buying a house in Spain it is important to estimate the taxes you will have to pay,Property taxes are dictated and controlled by counties. To keep things from getting out of control, state law typically sets a cap on the property tax that can be assessed.There are many extra cost when you buying a home.

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