Property Tax

Buying a co-owner’s share in a jointly owned property can make capital gains tax calculations more complex when you sell the whole asset. The two shares may have different acquisition dates and costs, affecting how the gains are taxed.

ITAT Chennai ruled that the tax benefit could not be denied merely because the earlier agreement to sell was unregistered, as the consideration was fixed earlier and payments were made through RTGS.

The Telangana High Court has ruled that taxpayers cannot lose Section 54F capital gains exemption solely because a builder delayed completing or registering a home. The judgment says delays beyond the taxpayer's control should not defeat the tax benefit if the investment has already been made.

Sold a house and reinvested the gains but missed the construction deadline due to Covid? The Chennai ITAT says that alone is not enough to deny Section 54 tax exemption. The Tribunal held that pandemic-related delays cannot be treated as negligence and allowed the capital gains exemption claim.

Property tax, imposed by municipal authorities on real estate, varies by location and property value. From how to calculate to penalty on late payments — full details here.

BMC Polls Today: With a budget surpassing some smaller states, the BMC outlines its financial prowess and spending priorities. As elections get underway, understanding the BMC's revenues and expenditures reveals how this civic body maintains its infrastructure and services amidst growing demands.

The tax authorities are empowered to directly enforce the seller’s liability on the buyer.

The Municipal Corporation of Gurugram has intensified its crackdown on property tax defaulters, sealing six properties with dues of ₹1.89 crore. The stern action resulted in nearly ₹7 crore being deposited in the treasury, emphasising the importance of timely tax collection for city development.