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Pay Your Property Tax or Pay Double

Friday, June 12th, 2009

School admissions, reopening of school, school fees, paying property tax, filing returns…etc makes citizen busy in this June. Government has changed the last date for paying property tax for 2009-10 from June 30 to July 30. This gives relief to tax payers and advantage of tax rebate can be enjoyed by making prompt payment on or before July 30.

BBMP gets more time to examine the details of defaulters and advise them for paying property tax in time. This will enables property owners to avoid paying penalty or double amount. Property owners who has paid wrong tax amount can file returns without penalty on or before June 30, 2009. After June 30, BBMP will issue notice to defaulters of property tax 2008-09 and the tax has to be paid within 15 days from the receipt of notice. If property tax is not paid within 15 days, a distress warrant will be issued to attach movable properties in the house towards property tax payment.

Pay your 2nd installment for property tax 2008-09 on or before June 30 and avoid paying penalty. If you made any default in 1st installment, you will have to pay 2% interest per month.

Three factors considered by Government to change the deadline

In June property owners may find difficult to make prompt payment because of school admissions and paying school fees for the month. Also they won’t be able to get benefit of 5% rebate if they pay in July.
Second factor is that BBMP has more time to examine the list of defaulters and advise them in right time.
Finally, property owners who has paid wrong tax amount can file returns without penalty.

Online helpline against tax evaders

BBMP has come up with online helpline for people who are willing to partner against tax evaders. A brown link enables people to submit details of tax evaders. The service is available in BBMP’s official website http://www.bmponline.org/. The page contains details of Assistant Revenue Officer (ARO), Ward name and Street name. Once these are selected, click on report to see the details of property. Brown Link helps citizen to provide information of defaulters and will not enclose senders’ details. Senders’ detail will be kept confidential.

Revised tax calendar

  • June 30:

Last date for paying 2nd installment of property tax 2008-09
2% interest for each month if any default in first installment of property tax 2008-09
File returns for wrong amount paid by property owner without penalty.

  • July 30:

Last date for first installment of property tax for period 2009-10
Last date to avail rebate for tax paid full 2009-10

  • August 30:

Last date for whole period or paying property tax 2009-10 without penal 2% interest per month.
Links To Refer

http://www.bmponline.org/

Documents required for property Registration

karnataka-property-tax-2009

timesofindia.indiatimes.com

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SBI Life tie up with Syndicate Bank Home Loan

Wednesday, June 10th, 2009

SBI life insurance ties up with syndicate bank offering its customers insurance cover on the home loan. This scheme can be enjoyed by the borrowers of syndicate bank home loan who has availed loan under special scheme announced by the Indian Bankers Association and government of India.

The scheme would be effective up to end of this June. The insurance covered is not home but for home loan which will cover borrowers’ family from the outstanding loan. The insurance cover for home loan ensures retention of property in case of unforeseen incident.

The housing loan cover, premium which does not charge any documentation charge from the borrower and premium of which will be borne by bank. SBI life insurance is joint venture of BNP Paribas and SBI.

SBI life insurance MD and CEO, U S Roy said that tie up with syndicate bank would further enhance accessibility of home loan protection products covering the family of borrows and ensures retention of property.

Links to Refer

www.expressestates.in

Easy personal loan

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Trap is set for those who under valued their property

Monday, June 8th, 2009

Income tax department is keeping track on property transaction to trap tax dues. The trap is set for those who under valued the property to escape the Income Tax net. It is found that there was large revenue pilferage even from small-value property transactions too.

The small value properties are under valued during registration for escaping from income tax net. Income tax department has asked sub-registrar to submit the details of property transaction starting from Rs 5 lakh. This is to examine the sales deed that shows the price of property and compare the guidance value. If there is difference between guidance value and price in sales deed, the same is brought under Income Tax net.

Earlier high value transactions were being scanned by Income Tax Sleuths. Sub-registrars were directed to furnish the details of high value property transaction to track down binami registrations. Until realty boom went bust, investing in immovable property was the best option to invest undisclosed income. The income tax has setup the trap to track those who invested property in binami registration and those who under valued their property to escape from income tax net.

Link to Refer

Times of India

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Lower Loan Rate for Green Building

Friday, June 5th, 2009

Green building is not only environmental friendly but also offers you lower rate on your home loan. Home buyers are very happy with cut down in stamp duty, rate of interest and now here is another reason. Banks such as State Bank of India are offering lower loan rate for green building.

There is an increase in demand for green building and SBI encourage this by attracting buyers with special rate for green building. Normally SBI charges 8 to 9.25% for normal home loan and rate is 0.10% or 10 basis points lesser for green building comparing to other.

According to Indian Green Building Council (IGBC), green building is construction that consumes less energy, water and natural resources. When comparing to ordinary building, green building consumes less energy, creates less waste and healthy for people and environment. Indian Green Building Council (IGBC) is a part of CII-Godrej Green Business Centre, which is actively involved in promoting the Green Building movement in India. It is represented by all stakeholders of construction industry.

In future more banks will come with innovative ideas to save environment and directly or indirectly encourage buyers to construct green building. Celebration of environmental day and conducting awareness program has played vital role in educating common man on need and importance of green living or environmental friendly life.

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Changing Face of Playground in Bangalore

Wednesday, June 3rd, 2009

In Bangalore most of public playgrounds are used for parking vehicles of people working or living in and around the area. Well it is true that traffic and vehicles in Bangalore city is increasing day by day. Vehicle owners are struggling to park their vehicle when they go for shopping, office or even in their residential areas. BBMP is working for smooth movement of vehicles and make life better for citizen in Bangalore.

Akkithimanahalli playground is one of the public playground which BBMP claims is “developed” is changing its face from playground to parking lot. Now this ground is used most by vehicle owners than children. People in and around Richmond Town began to raise voice against using them as parking lot. One of the resident points that vehicle parked inside the playground is either of people working or residing in and around Richmond Town.

The fact is that playground is public space and cannot be encroached upon. BBMP has confirmed that the park is not sanctioned permission to park vehicle inside the playground. It also says that playground has no gate due to renovation and this made vehicle owners to park vehicle inside the playground and they will stop them using when the gate for playground is installed.

Residents of Richmond Town complaints that few months the ground is taken over by debris as a part of renovation and now new hindrance arise where playground is gradually changing its face from playground to parking lot. Residents hope ground will be soon renovated and children can use them as earlier.

Reference

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BBMP Proposed To Extend Deadline for Property Tax 2009-10

Friday, May 29th, 2009

BBMP (Bruhat Bangalore Mahanagara Palike)  has proposed government to extend deadline for property tax for one month. If proposal is accepted property owners can pay property tax with rebate on or before July 31st. If this proposal is accepted property owner gets one more month relief in paying tax and paying tax without rebate will move one month further to August 31st. BBMP clarifies that there was high demand from property owners that they will not be able to make heavy payment on due date. The payment of second installment will continue to be November 30.  The forms can be obtained from help centers. The BBMP is also planning to make them available online.

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Hopes in All Industries with Stable Government

Friday, May 29th, 2009

In spite of recession, stable government has raised hopes in all industries. During election there was slowdown in real estate sector but stable government has raised hope of buyers and seller. Election was important due to economic slowdown and uncertain future but election results have surprised all. The outcome of is stable government, hope for positive steps and hopefully the government taking faster and more aggressive decisions to stimulate the economy for a higher growth.

Stable government has brought hope to real estate sector and investors hope government will introduce measures towards affordable housing, increasing tax rebate on home loan, provide infrastructure status to residential townships and according industry status to the sector will facilitate easier bank finances for these projects. Government will restore confidence of customers by passing of the land acquisition, rehabilitation and resettlement bill and model real estate regulations bill. This will attract more foreign investors to domestic real estate.

Liquidity and business dynamic are major two major factors impacting real estate. Realtor is confidence as lenders of capital (debt and equity) have become less risk-averse. There is improvement in access for capital and they are watching for uptrend on the business front.

Buyers and investors are happier as government comes up with new guidelines to property registration and cut down in stamp duty. First-sale buyers can also enjoy the benefit of 6% stamp duty from this June onwards. We can see rush of property buyers to register property from June.

Reference:

Times property

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Stamp duty lowered by government to 6 percent

Friday, May 22nd, 2009

You can see there a rush for registration of new flats in June as government cuts stamp duty to 6% for first-sale flats. Earlier first-sale flats continue to pay 7.5% for stamp duty on registration of new apartment. If you have already registered your apartment, you are lucky as government may give refund of difference amount.

The government which announced the reduction in stamp duty to 6% from this fiscal did not apply the same to the first sale of flats and such transactions continue to pay the earlier 7.5%. Law department has approved the amendment in Act and reduces the stamp duty to 6%. Notification can be expected by the completion of election process in states.

Links to follow:

Stamp duty lowered by government.

Stamp duty cut to 6% for first-sale flats too

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Large Cooperative Housing societies in India have to pay Service Tax

Wednesday, May 20th, 2009

Service Tax for Cooperative Housing societies

Service tax charge is charged on service provided by Cooperative Housing Society (CHS). In rules of service tax department, if a cooperative society crosses the collection of four lakh rupees from its members, service tax is warranted on taxable services. Total Service tax would be 12.24 % (service tax is 12% and 2% education tax on the top of it). Therefore collection of less than four lakh rupees per annum by a society does not warrant any service.

Service Department rule says, cooperative housing societies (CHS) can be taxed under the group of ‘Club of Association Services’ as included in u/s 65 (105) of the Finance Act, 1994 effective from June 16, 2005. ‘Club’ or ‘Association’ is classified u/s 65 (25a) of the Finance Act (No.2), 1994 as revised by the Finance Act, 2005.

The description mentioned above is quite extensive and envelops almost any individual or body of individuals providing service to the members of its society, amenities or returns for a payment or any other amount comes under. It is under these stipulations that the department levies tax on cooperative housing societies as service tax. Thus, since June 16, 2005, it is mandatory for cooperative societies to pay service tax.

For a cooperative society, service tax will have to be paid prior to 5th of every month. However, for March, the last month of the year, payment has to be done by 31st March. It must be noted that on the sum accumulated by the society together with transfer fees, donations, transfer charges, repairs and maintenance contributions, 12.24% will be gathered and the same needs to be deposited in the banks endorsed by the service tax department. The proceeds considering service tax have to be filed twice a year. For the period from April first to September thirtieth, the returns need to be filed on or before October twenty-fifth. For the second half of the year, the returns need to be filed on or before March thirty first.

In case of delayed payment, interest has to be paid at the rate of 13% per annum. The service tax department can exercise the power to impose fine as per the terms of Section 76 for non-payment or short payment of service tax and Section 77 for not filing return.

CENVAT credit is offered to cooperative societies in respect to service tax, which comprises all payments made by the society on which the society has paid the service tax, for instance, telephone bills, security charges, etc. Subsequently, all payments done on or after June 16, 2005, are entitled for CENVAT credit.

Interesting Links to follow:

http://answers.yahoo.com/question/index?qid=20070710225606AAWXEz5
http://www.dnaindia.com/report.asp?NewsID=1008540

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