The Stamps and Registration Department, Government Of Karnataka has begun a series of meetings and are deliberating the revision of property guidance rates or circle rates of the properties in the state of Karnataka to enhance the revenue through Registrations. The property market is already under severe pressure due to demonetisation and the implementation of… Read More
In a bid to reduce or evade the stamp duty at the time of registration, the buyers and the sellers of the properties, have not SHOWN the real sale price or consideration in the registered sale deed, but 90% of the buyers have borrowed money or availed institutional finance under HOME LOAN scheme, have falsified… Read More
The Government of Karnataka has not enforced the revised Property Guidance Value, which was proposed to be implemented, has decided to PUT IT ON HOLD, till further orders.
New formula to compute property tax in Bangalore The state government has decided to redraw area-wise zones based on current market guidance value. The formula is that the property tax is based on the guidance value of the properties in the particular zone and the tax will be charged accordingly. The tax hike might come… Read More
THE CVC HAS PUBLISHED THE GUIDANCE VALUE FOR THE BANGALORE URBAN DISTRICT AND INVITED OBJECTIONS FROM THE PUBLIC, TO BE SUBMITTED WITHIN 15 DAYS FROM 07-10-2014. THE OBJECTIONS ARE BEING EXAMINED. THE REVISED GUIDANCE OR MARKET VALUE OR THE REGISTRATION VALUE TO CALCULATE THE STAMP DUTY AND THE REGISTRATION FEE WILL BE PUBLISHED SOON. IT… Read More
Budget 2013-14 Any immovable property received by an Individuals / HUFs ‘without consideration’, its stamp duty value is taxable in the hands of the buyer as income from other sources, barring few exceptions. It is now proposed that where any immovable property is received for a consideration which is less than its stamp duty value by Rupees… Read More
THE GOVERNMENT MAY REVISE THE MARKET VALUE OR GUIDANCE VALUE FOR THE PROPERTIES IN BANGALORE AND THE FINAL LIST MAY BE PUBLISHED BY AUGUST, 2014. IT IS EXPECTED THAT THE REVISED VALUES WILL BE IN LINE WITH THE ACTUAL MARKET VALUE OF THE PROPERTIES.
THE REVISED CIRCLE RATES/MARKET RATE/GUIDANCE VALUE FIXED BY THE VALUATION COMMITTEE WILL BE EFFECTIVE FROM 08-08-2013. THE NEW PROPERTY VALUES WILL FORM THE BASIS FOR THE CALCULATION AND PAYMENT OF STAMP DUTY AND REGISTRATION FEE AT THE TIME OF REGISTRATION. THIS GUIDANCE VALUE IS THE FAIR MARKET VALUE AS PER THE FINANCE ACT AND IT… Read More
TAX DEDUCTED AT SOURCE (TDS) ON THE PROPERTY TRANSACTIONS ABOVE THE VALUE OF RS50 LAKHS IS EFFECTIVE FROM 01-06-2013, A NOTIFICATION TO THIS EFFECT IS PLACED BY THE INCOME TAX DEPARTMENT. THIS NOTIFICATION IS NOT APPLICABLE TO AGRICULTURAL LANDS. ONLINE TDS PAYMENT IS AVAILABLE AND THOSE, WHO CANNOT ACCESS IT, CAN MAKE/DEPOSIT THE TAX IN… Read More
THE REVISED GUIDANCE VALUE PROPOSED BY THE DEPARTMENT IS NOT THE ACTUAL MARKET VALUE. IT IS SAID THAT THE REVISED VALUE IS MUCH, MUCH LESSER THAN THE ACTUAL MARKET VALUE IN BANGALORE RURAL AND ESPEICALLY IN WHITEFILED AND HEBBAL AREAS. THE CURRENT VALUE OF APARTMENTS IN THESE AREAS ARE ABOUT RS3,000/- TO RS4000/- BUT… Read More