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The Nitty Gritties of Property Tax

What is a Property Tax?A government’s main income source is the levy of taxes, and as the government’s coffers fill up through earned tax revenues, the citizen’s access to resources is ascertained accordingly. Ownership of property is ownership of a taxable asset and the property tax is paid annually by the owner of a property or land to the government. Depending on government policies, this tax could be paid either to the state government or the Municipal Corporation.The term “property” in this regard refers to real estate owned by an individual and is inclusive of houses, office buildings and premises on rent to third parties. Conceptually property tax is logical and sensible and has been globally acknowledged as is evidenced by the farmers and peasant’s records of their paying property taxes in the middle ages too. Property Tax in IndiaTypes of Property There are four major categories that property in India is classified into which aids the government in estimating tax based on certain prerequisites. The categories or classifications of property in India are ·        Land ·        Building on land ·        Personal property ·        Intangible property Present State of Property TaxReal property inclusive of land and improvements on land is what property tax in India is paid on. The government appraises the monetary value of properties individually and tax assessment is done based on the value of each property. The municipality of a certain area is duty-bound in doing this assessment and calculating the property tax, to be paid either annually or semi-annually. This tax amount is income or revenue for the government which is used for the development of local facilities including road repairs, maintenance of parks and public schools, so on and so forth. Property tax is based on location and therefore for each city and municipality, there may be a different property tax.Capital Gains Tax on PropertyWhen profit from the sale of the property is taxed, it's known as Capital Gains Tax and can potentially exhaust wealth if not managed deftly. The simplest solution in tackling this issue is to buy a new home utilizing the proceeds of the sale of a property provided the property is bought in no more than two years of selling the property. Proceeds from the sale of a property can be used to build a house, as an offsetting effect that eases the capital gains tax burden on the property. Call 7604047601 for consultation with a registered expert property lawyer on Vidhikarya. 

Posted By

Avik Chakravorty

1 month ago

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What and how Property Lawyers do their job

What’s real estate law all about? What's it that real estate lawyers do and how do they do it? These are the queries that pop up in one’s mind as one gets initiated in the real estate business and the only way one can get answers to these questions is by seeking advice. Oftentimes even after paying a couple of lakhs of rupees as a down payment on a flat, that is under construction the builder or developer does not start construction work on the plea that due to unforeseen circumstances, the construction work had to be withheld. A few months could very well have elapsed and the work may be pending. At this point, the developer/builder may be asked by the homeowner to clarify matters. Once the seemingly lackadaisical attitude of the developer is noticeable heated arguments may ensue followed by threats of a possible lawsuit by the homebuyer. The threat of a lawsuit is a deterrent for the contractor/builder who may retaliate by waiving off suing rights by signing one of the legal documents. Subsequently, the contractor who was unresponsive and had bolted would take the initiative of contacting the homebuyer. The homebuyer may ask the contractor to share copies of all relevant documents. If there is documentary evidence of waiving off suing rights amongst other rights then, in that case, it gets complicated, someone with little or no experience at all in real estate law ought to refer the case to an expert real-estate lawyer after providing initial legal advice.   Real estate laws, rules, and regulations Through networking, the extent of involvement in these matters is transparent. One may realize how real estate laws, rules, and regulations may affect one's daily lives. It can be intriguing knowing what is it that the real estate lawyers exactly do and more importantly how? The answer partially is - there are real estate law courses that qualify them to practice real estate law. Call 7604047601 for consultation with registered expert property lawyers on Vidhikarya.

Posted By

Avik Chakravorty

1 month ago

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Consult Top Property Lawyers in India

Viswanath  M K

Viswanath M K

Independent Attorney
Exp
Chennai , Tamil Nadu

Specialization

  • Property
  • Consumer Protection
  • Administrative Law
Specialize in land litigation and consumer cases View Full Profile
Total Answers Given : 58
Advocate Upadhye & Associates

Advocate Upadhye & Associates

Director /Advocate/Head counsel
Exp
Pune , Maharashtra

Specialization

  • Property
  • Divorce
  • Cyber, Internet, Information Technology
  • Corporate and Incorporation
  • Advertising
Chief Legal Counsel at Advocate Upadhye and Associates View Full Profile
Total Answers Given : 36
anil reddy  s

anil reddy s

Proprietor
Exp
Bangalore , Karnataka

Specialization

  • Property
  • Advertising
  • Debt And Lending Agreement
  • Environment And Natural Resources
  • Landlord And Tenant
Total Answers Given : 14
Rajeev  Srivastava

Rajeev Srivastava

Senior Advocate
Exp
Ghaziabad , Uttar Pradesh

Specialization

  • Property
  • Motor Accident
  • Criminal
  • Divorce
  • Cheque Bounce
Practising since 1984. I am having good experience in handling the cases related with Divorce, Domestic violence, Maintenance, Criminal, Accident claims, Workmen's compensation claims . Real estate disputes, Insurance cases, and consumer cases including RERA View Full Profile
Total Answers Given : 12
Ranjit Singh  Thakur

Ranjit Singh Thakur

Advocate
Exp
Hyderabad , Telangana

Specialization

  • Property
  • Civil
  • Corporate And Incorporation
A seasoned Legal Professional with nearly 20 years of experience. View Full Profile
Total Answers Given : 7
kiran  murthy

kiran murthy

advocate & property consultant
Exp
Bangalore , Karnataka

Specialization

  • Property
I manage a Law Firm which goes by the name of Murthy Associates, i am its proprietor, I have been dealing exclusively with property related cases, both civil and criminal, I provide comprehensive legal opinion, assistance with drafting sale agreement and registration process. View Full Profile
Total Answers Given : 4
Ramgopal  Aiyer

Ramgopal Aiyer

Managing Partner
Exp
Mumbai , Maharashtra

Specialization

  • Property
  • Criminal
  • Cheque Bounce
  • Banking
  • Commercial
Managing Partner of Kaleeyantey Law Firm presently having offices in Mumbai and Navi Mumbai handling Litigation and Non Litigation matters on Civil side and Criminal side as well. View Full Profile
Total Answers Given : 3
harish  M

harish M

BAL LLB
Exp
Bangalore , Karnataka

Specialization

  • Property
  • Corporate and Incorporation
  • Intellectual Property, Copyright, Patent, Trademar
  • Cyber, Internet, Information Technology
  • Divorce
I have been practicing since 2001, my father is also an advocate and I practiced under his guideline and I do independent practice at Bangalore, I am extremely competent in corporate Law, intellectual property, Cyber law, Property verification and Family and divorcee case. View Full Profile
Total Answers Given : 3
KSSA  Law Firm

KSSA Law Firm

Advocate
Exp
South Delhi , Delhi

Specialization

  • Property
  • Civil
  • Adoption
  • Partnership
  • Tax-Income Tax
This a full-service firm, providing varied services inclusive of civil, taxation, commercial, corporate and writ litigation as well as general corporate and transactional services. We are Delhi based law firm having offices at Delhi, Jabalpur, Patna. View Full Profile
Total Answers Given : 1
Nidhi  Mathur

Nidhi Mathur

Managing Partner
Exp
New Delhi , Delhi

Specialization

  • Property
  • Consumer Protection
  • Civil
  • Employment and Labour
  • Sexual Harassment at Workplace
20 years' experience in Legal & HR fields. Practicing in Supreme Court & Delhi High Court.Practice area include, Litigation,Civil Law, Family Law,Commercial Laws,Sexual Harassment Law, Labour Law, Real Estate, Consumer Law, Cheque bouncing,Contract drafting, NGO, Company Law matters, IPR, Insolvency View Full Profile
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  • What is Property Law?
  • What are the Applicable Laws in Relation to Property?
  • Is Registration Compulsory while buying a property?

Property and resources govern the events of humanity. As per Montesquieu, ‘one would forget sooner the murderer of his father than the man who robbed him of his property’. Hence, there are well defined statutes governing interactions involving properties. The major legislation in this regard is Transfer of Property Act. For the scope of this article; Partition, Will, Intangible Property, Succession, Property Dispute etc. shall not be discussed as they are covered under specialised statutes and/or recognised legal practises.

What is Property Law?


Property law is the area of law that governs the various forms of ownership and tenancy in real property (land as distinct from personal or movable possessions) and in personal property, within the common law legal system. In the civil law system, there is a division between movable and immovable property. Movable property roughly corresponds to personal property, while immovable property corresponds to real estate or real property, and the associated rights, and obligations thereon.

Laws applicable to Property related Matters?


  • Transfer of Property Act, 1882
  • Indian Easement Act, 1882
  • Registration Act, 1908
  • Stamp Act, 1988
  • Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (at instances of land acquisition)
  • Indian Contract Act, 1872
  • Specific Relief Act, 1963 –Part II

What does Constitution of India Reveal about Property?


Initially, Right to Property was a fundamental right under the Constitution in the form of- Article 19(f) which spoke about the right to acquire, hold and dispose of property, subject to reasonable restrictions & Article 31 which, as originally enacted, said that no person shall be deprived of his property except by authority of law. Forty Fourth Amendment to the Constitution of India, deleted Article 19(1)(f) and Article 31[Article 300-A is now the provision regarding right to property]. The current position of the Supreme Court on interpretation on the right to property can be gleaned from one of the few direct judgements on property after the 44th Amendment, particularly the case of ‘Jilubhai Nanbhai Khachar Etc. v. State of Gujrat And Anr. Etc.’. This case dealt with mines taken by the State under legislated laws from erstwhile revenue farmers and upheld the right of the State to do so under Article 300-A, not entertaining any discussion on adequacy of compensation. Among other things, it is unequivocally held that the right to property under Article 300-A is not a “basic feature or structure of the Constitution” and that the Legislature has power to acquire the property of private person exercising the power of eminent domain by a law for public purpose.

What are the Basic Principal of Property Law?


  • Immovable property does not include standing timber, growing crops or grass as per Section 3 of the Act.
  • Suresh Chand v. Kundan, 2001 – a portion of land with saplings in it was sold. The seller later argues that the objection was to sell land without trees, and asked for a type of compensation for the extra gain which the other party is getting. Court held that in absence of any express/implied intention in the agreement, it would be taken that the land along with saplings standing on the land which subsequently grown into trees were sold.
  • At instances of conflict between Muslim Law & Transfer of Property Act, it is the Muslim Law which shall have prominence.
  • Future properties cannot be transferred, for example, Spes Successionis is a void transfer
  • K. Muniswamy v. K. Venkataswamy – on grounds of sound public policy, total restraint on the right of alienation in respect of immovable property which prevents free circulation is to be held void.
  • Section 108 of the TRANSFER OF PROPERTY ACT, 1882 enumerates the rights & liabilities of lessor & lessee.

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