PROPERTY GUIDANCE VALUE REVISED OR INCREASED IN BANGALORE URBAN AND RURAL DISTRICT WITH 15 DAYS NOTICE TO FILE OBJECTIONS


The State Government has increased the Guidance Value or the Circle Rates or the Market Price of the property in Bangalore Urban, Bangalore Rural District and Ramnagar District with 15 days notice to submit the objections, if any, with supporting documents or evidence.

In some areas, the increase is very steep and on an average the increase is around 10% only.  The consequent effect will be strain the buyers.  With this increase, the Income Tax, VAT, Service TAx and Capital Gains tax will also goes up, indirectly.

The Income Tax department is also scrutinising many transactions, wherein the buyers in collusion with the sellers/agents/builders have underquoted the property consideration below the guidance value.  The department may initiate penal action on such buyers and sellers soon. The Guidance Value is treated as the Fair Market Value.  The property value or consideration must not be less than the guidance value as per the Finance Act.

NEW PROPERTY GUIDANCE VALUE (REGISTRATION) FROM TODAY


THE GOVERNMENT ANNOUNCED THE REVISED GUIDANCE VALUE WHICH WILL BE EFFECTIVE FROM TODAY. (13-11-2014)  THE STAMP DUTY AND THE REGISTRATION FEE HAS TO BE PAID AS PER THE NEW MARKET VALUE FIXED BY THE DEPARTMENT.

GOVT (GUIDANCE VALUE) VALUE- MARKET VALUE


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 THE GOVT VALUE IS AROUND RS2,200/- IS JUST A JOKE.

FEW CONCERNED CITIZENS ARE MAKING AN APPLICATION TO THE REVENUE MINISTER AND TO THE CONCERNED DEPARTMENT TO INCREASE THE GUIDANCE VALUE TO THE PRACTICAL AND ACTUAL MARKET PRICE.