Property Tax

In India, tax is implemented on three types of assets including piece of land, immovable assets and movable assets made by man. Property is also counted as an asset, which shows certain tax liabilities to the bearer of the property. Property tax is calculated on the basis of overall value of the property which is levied by the state government or the municipal governing units.


Property tax in India is levied on the real estate which consists of buildings or land attached to the buildings. Vacant plots of land without any adjoining building are not liable to be taxed under this head. It will rather be taxed as income from other sources. Following are the kinds of properties that are liable to be taxed under property tax India:

  • Residential house (self-occupied or let out)
  • Office Building
  • Factory Building
  • Godowns
  • Flats
  • Shops

 

                 Computation of Property Tax in Mumbai

 

Calculation of property tax in Mumbai is made on the Property tax in Mumbai is calculated on the principal of overall value or the annual value of the property. Implementation of tax on commercial property and non-commercial property is different and varies state wise. 

 

                   Annual Value for Let out Property

 

In case of let out property, the annual value would be equal to the maximum of the following:-

  • Municipal Valuation
  • Rent Received
  • Fair Rent as determined by the Income Tax department

 

Deductions: Deductions are allowed on the interest on the loan to build, buy or repair the property. A deduction of 30% of the net value is allowed for the repair and maintenance of the property. 

 

                  Annual Value for Self-occupied Property

 

In India residential property or self occupied property is kept away from the tax liabilities and the annual value will be considered as zero but if the property owner doesn’t use the property for residential purpose or lets it out for rent then the property will attract tax liabilities and the annual property valuation will be proportional.

 

For immediate assistance for property tax services in Mumbai, Hometurph is devoted to create a trusted zone for its valuable clients by providing easier payment options and filing of property tax by expert professionals for maximum security and customer contentment.

 

We at Hometurph, ensure best  services for you and your loved ones at home in India. To experience our best-in-class services, register with us from any part of the globe and feel the part of you in India. Hometurph eases the procedure of filling your property taxes by:

Taking care of drafting and registration of all property related documents
Keeping track of updated legal terms for filling property taxes
Informing you about the deadlines ahead of time
Representing you if required and keeping you updated

LIST OF DOCUMENTS REQUIRED

 

House Tax bill

 

Cheque for the amount mentioned in the bill

 

 

 

Customer's presence is mandatory at the govt. office

No

Estimated time for govt. processing

1 - 2 Days

 

 

 

Total price includes government fee, attestation cha  rges, affidavits, forms, if applicable, and our service charges. Late penalty fee and other charges if applicable as per actual.

 

Our services include:

Make forms available

Guide you in filling the forms

Collect and deliver documents from home

Submit forms at the government office

Get documents attested and affidavits made if required

Follow up with the government offices

Keep you regularly updated

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