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Business News/ News / India/  Good news for Bengaluru property owners, Penalty on tax dues slashed by 50%. Details here

Good news for Bengaluru property owners, Penalty on tax dues slashed by 50%. Details here

Karnataka Assembly passes BBMP Amendment Bill 2024 reducing property tax penalties by 50%. The bill benefits residents with savings of ₹2,700 crore and exemptions for underprivileged communities.

Property Tax Penalty Halved in Landmark Bill (iStockphoto)Premium
Property Tax Penalty Halved in Landmark Bill (iStockphoto)

The Karnataka Legislative Assembly passed a taxpayer-friendly bill on February 20, offering significant relief to Bengaluru residents struggling with property tax burdens. The BBMP Amendment Bill 2024 reduces the penalty on outstanding dues by a whopping 50 per cent, potentially saving citizens a staggering 2,700 crore, according to a report by ANI.

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Deputy Chief Minister DK Shivakumar, championing the bill, highlighted its benefits for various segments of the city's population. An estimated 13-15 lakh individuals, including taxpayers, those outside the bracket, and partial taxpayers, stand to gain. 

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Additionally, the bill prioritises social welfare by exempting government housing and slum dwellings from penalties, offering special rebates to underprivileged communities, and waiving interest on dues exceeding five years.

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Furthermore, the amendment streamlines the system by capping property tax penalties for residential and mixed-use properties at five years, regardless of the initial default duration. This move provides clarity and predictability for homeowners.

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Minister Shivakumar emphasised the government's commitment to easing the burden on ordinary citizens, even acknowledging the financial impact on the state. This decision comes as a welcome reversal of the previous BJP government's policy, which had doubled penalties, causing significant hardship for many.

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Overall, the BBMP Amendment Bill 2024 marks a positive step towards making property tax regulations more manageable and equitable for Bengaluru residents.

(With Inputs from ANI)

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Published: 21 Feb 2024, 08:02 AM IST
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