CONFUSION-ERROR-SYSTEM FAILURE – BBMP PROPERTY TAX


The BBMP website for the collection of PROPERTY TAX for 2016-17 has defaulted in its operation or performance.  The BBMP is upgrading and rectifying the errors in their system and software. Hope it will be done soon.

 

MANYATA TECH PARK IS IN NEWS AGAIN FOR NON PAYMENT OF TAXES


It has become a fad for the developers and builders for not making (paying)the municipal and other taxes to the local authorities and in one such an instance, the BBMP has issued a notice to the Manyata Tech Park management (managed by a politician in power) to pay the revised taxes and as usual, the said developer refused to pay the taxes, citing so many irrelevant statues and as usual bring in a STAY ORDER.

In the meanwhile, Manyata Group is trying to Sell the lands near Devanahally, (KIADB) acquired for the development of Industry and this might also land up in soup.

In the similar manner another Delhi based developer, famous for all kinds of illegalities on earth, trying to sell lands in and around Nelamangala – Arkavathy belt, by buying the poor farmers land at throwaway prices.  The Farmers have already forwarded their memorandum to the PM.

New formula to compute property tax in Bangalore


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 into effect from April 1, 2016 as it had not been revised since 6 years.

The Bruhat Bengaluru Mahanagara Palike (BBMP) has already begun the zonal regulation process in all 198 wards.

TDS ON PROPERTY TRANSACTION FROM 01-06-2013


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 THE AUTHORISED BANKS.

THE VALUE OF THE PROPERTY IS CONSIDERED ON THE GUIDELINE VALUE PUBLISHED BY THE DEPARTMENT OF STAMPS AND REGISTRATION OR THE CONSIDERATION AMOUNT, WHICHEVER IS HIGHER.

BBMP building plan and the issues


TURN TO PAGE 3 AND READ THE GOOF UP

Read

http://archives.kannadaprabha.com/pdf/epaper.asp?pdfdate=3/5/2013

MUNICIPAL TAXES WILL BE INCREASED BY 20% AND BESCOM POWER TARIFF MAY BE HIKED


BBMP TAXATION COMMITTEE PROPOSE 20% INCREASE IN THE MUNICIPAL TAX AT BANGALORE AND THE BESCOM HAS SUBMITTED AN APPLICATION BEFORE THE KERC FOR AN INCREASE OF 70 PAISE PER UNIT OF POWER SUPPLIED IN KARNATAKA.

DOCUMENTS REQUIRED TO SCRUTINISE AGRICULTURAL LAND OR REVENUE LANDS OR REVENUE SITES/PROPERTIES


THE FOLLOWING DOCUMENTS MIGHT BE REQUIRED for  the  EXAMINATION.

1). MOTHER DEED.

2). SALE DEED/PARTITION DEED/WILL/GIFT DEED/RELEASE DEED/RELINQUISHMENT DEED/COURT DECREE/ANY OTHER RELEVANT DOCUMENTS.

3). RTC FROM THE BEGINNING.

4). MUTATION.

5).RR/SAGUVALI CHIT/GRANT CERTIFICATE/LAND TRIBUNAL ORDER/RRT ORDERS,IF ANY( FULL FILE)

6). ILR/PHODI/HUDBUST.

7). ATLAS.

8). AKARBANDH  & TIPPANY

9). RR BALABAGADA NAKALU.

10). SURVEY SKETCH.

11). HISSA TIPPANY.

12). VILLAGE MAP.(OFFICIAL)

13). FORM NO.9 AND FORM NO.10.(GRAMATANA SITES) ORIGINAL GRAMATANA AS PER VILLAGE & FORM NO.11 SIGNED AND SEALED BY THE EO FOR THE GRAMATANA SITES.

14). PASS BOOK.

15). NOC FROM THASILDAR UNDER PTCL ACT.

16). NOC FROM THASILDAR :FORM NO.7.

17). NOC UNDER 79A AND 79B OF KLR ACT.

19). UP TO DATE TAX PAID RECEIPT.

20). FAMILY TREE ISSUED BY THE REVENUE AUTHORITIES OR VA.

21). ENCUMBRANCE CERTIFICATE FOR THE LAST 30 YEARS.

22). PHOTO IDENTITY CARDS OF ALL FAMILY MEMBERS (IUD OR VOTERS ID), IF IT IS AN ANCESTRAL PROPERTY.

23). IF IT IS A RESALE PROPERTY- SELLERS INCOME TAX RETURNS.

24). O.S/WP/RRT- PLAINT COPY ( FULL FILE) & COMPROMISE PETITION AND ORDER (FULL FILE) IF ANY.

NEW GUIDANCE VALUES- DELAYED


IT IS RELIABLY LEARNT THAT THE PROPOSED REVISION OF GUIDANCE VALUE OR THE VALUE AT WHICH THE STAMP DUTY IS COLLECTED FOR THE REGISTRATION HAS NOT YET BEEN NOTIFIED.  THE GOVERNMENT IS WAITING FOR THE NEW REVENUE MINISTER TO TAKE UP THIS ISSUE AND NOTIFY THE SAME. THE BUYERS CAN HAPPILY REGISTER THEIR PROPERTIES AT THE OLD RATES TILL FURTHER ORDERS.

MISCONCEPTION ABOUT THE MARKET PRICE AND GUIDANCE VALUE


THE SELLERS ARE IN GREAT MOOD HOPING THAT THE PRICES OF THE PROPERTIES HAVE GONE UP WITH THE REVISION OF GUIDANCE VALUE.  THIS IS A MISCONCEPTION. IN REALITY, THERE WILL NOT BE GOOD DEMAND FOR THE PROPERTIES DUE TO THE REVISION AND INCREASE.

THE REASONS ARE:

THE SELLERS HAVE TO PAY ADDITIONAL STAMP DUTY AND REGISTRATION FEE TO THE EXTENT OF THE INCREASED VALUE.

THE SELLERS MUST ALSO HAVE INCOME TAX (ACCOUNTED MONEY) TO THE TUNE OF THE GUIDANCE VALUE.

NORMALLY ALL THE PROPERTIES ARE UNDERVALUED TO EVADE STAMP DUTY AND REGISTRATION FEE AND THE MOST IMPORTANT ASPECT IS THAT THE INCOME TAX DEPARTMENT TREATS OR ASSESSES THE VALUE OF THE PROPERTY AS PER THE GUIDANCE VALUE OR THE GOVT VALUE OR IF THE VALUE OR CONSIDERATION IS PAID ABOVE THE GOVT/GUIDANCE VALUE AND NOT FOR THE VALUE SHOWN IN THE SALE DEED.

IN CASE, IF THE SALE VALUE OR CONSIDERATION SHOWN IS LESS THAN THE GUIDANCE/GOVT VALUE, THE INCOME TAX DEPARTMENT WILL LEVY PENALTY AND ASSESS IT TO THE TAX PURPOSE AT THE GUIDANCE VALUE.

DUE TO THE AFORESAID FACTORS, THE PRICES WILL NOT INCREASE BUT WILL DEFINITELY HAVE A DISCOURAGING TREND. 

WITH THE REVISION ALL THE REVENUE AND(GOLMA)L PROPERTIES WITH( BOGUS) GPA ARE IN QUANDRY.  EVEN, IF THEY UNDERGO SURGERY UNDER AKRAMA-SAKRAMA, THE PENALTY WILL BE BASED ON THE GUIDANCE VALUE.  IF ANY OF THESE GPA PROPERTIES HAD TO BE REGISTERED NOW, IT WILL BE AT THE NEW REVISED GUIDANCE VALUE.

PROPERTY REGISTRATION EXPENSES SHOOTS UP BY 1% TO 15%


DUE TO THE REVISION OF GUIDANCE VALUE, THE STAMP DUTY AND THE REGISTRATION FEE( CHARGES) PAYABLE BY THE BUYER HAS GONE UP BY 1% TO 15% DEPENDING UPON THE QUANTUM OF REVISION. 

GENERALLY, 90% OF THE PROPERTIES REGISTERED ARE ALWAYS UNDERVALUED. 

ONLY THOSE SEEKING LOANS FOR THE PURCHASE WERE REGISTERING IT AT THE MARKET VALUE SO AS TO GET THE MAXIMUM LOAN, THUS WERE THE ONLY BUYERS WHO WERE HONEST(DUE TO COMPULSION TO AVAIL THE LOAN) DID NOT EVADE THE TAXES.

THE INCOME TAX DEPARTMENT IS CONDUCTING AN ENQUIRY INTO THE HIGH VALUE PROPERTIES AND TRANSACTIONS.

B KATHA OR B FORM IN BBMP LIMITS


THE BBMP IS ISSUING` B` FORMS OR( B) KATHA AS IS GENERALLY CALLED IS JUST A FORM CREATED UNDER THE 2008, TAXATION RULE, WHICH WILL NOT CONFER ANY RIGHT, TITLE AND INTEREST ON THE HOLDER.  AN ENTRY IN THE REGISTER OF TAXES WILL BE MADE UPON PAYMENT OF TAXES AND THIS FORM IS ISSUED. THIS IS ISSUED TO FACILITATE THE SALES OF PROPERTIES, WHICH HAD LONG BEEN STOPPED.  AS THERE WERE NUMEROUS APPEALS AND PUBLIC OUTCRY FOR HAVING BANNED THE REGISTRATION OF SUCH PROPERTIES, THE GOVERNMENT RELAXED THE NORMS AND ISSUING `B` FORMS.

IT HAS BEEN SAID THAT FAKE `B` FORMS ARE IN CIRCULATION. IN ONE SUCH CASE, THE SR REFERRED IT TO THE BBMP REVENUE OFFICER TO CONFIRM IT AS ORIGINAL BEFORE REGISTERING THE PROPERTY.