Weekly #RealtyNewsRoundUp: Kolkata Home Buyers To Calculate Property Tax Amount On Their Own
A Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that illegally encroached property by an assessee will not be considered ‘capital asset’ under Section 2 (14) of the Income Tax Act. However, gains arising from transfer of such property will be considered income from other sources. Read more
The Kolkata Municipal Corporation will allow residents to calculate their property tax according to the Unit Area Assessment System (UAA). According to the UAA system, the highest tax slab is capped at 20 per cent. The Kolkata Municipal Corporation intends to raise property tax revenues, and adhering to the UAA system is part of the process. Read more
The Bombay High Court has asked the Maharashtra Housing and Area Development Authority (MHADA) to provide the details of the plan to rehabilitate mill workers of the state. The court also sought to know how many plots were set aside to rehabilitate mill workers and build affordable houses. Read more.
According to a draft definition released by the Ministry of Environment and Forests, large tracts of Aravalis may not be classified as forests. The classification of forests will leave out scrub forests that have less than 10 per cent crown cover. According to the draft notification, only dense forests with a crown cover greater than 10 per cent will be classified as forests. Read more.
In a relief to all those whose properties were damaged during Jat quota stir in February this year, the Haryana government has decided to provide 100 per cent rebate in property tax for residential, commercial, institutional and other properties in the state. The rebate, which would be given for a year, starts from April 2016. Read more