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. 

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.