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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

Satish  Kumar

Satish Kumar

Advocate
Exp
Chennai , Tamil Nadu

Specialization

  • Property
  • Divorce
  • Arbitration And Mediation
  • Bankruptcy And Debt
  • Documentation
I am practising as an advocate in Madras High Court and also dealing in City courts, Family courts, DRT, NCLT, IPAB for past 23 years. We are specilised in Civil & Criminal matters. View Full Profile
Shivaleela  Gujare

Shivaleela Gujare

lawyer
Exp
Pune , Maharashtra

Specialization

  • Property
  • Cheque Bounce
  • Banking
  • Adoption
  • Civil
Total Answers Given : 2
Randheer  Bahadur

Randheer Bahadur

Advocate
Exp
Lucknow , Uttar Pradesh

Specialization

  • Property
  • Employment and Labour
  • Civil
  • Family
  • Criminal
Hi all, I am Adv Randheer from Lucknow, I practice in High Court, Lucknow Bench. I have experience in various areas of law like family matters, land laws, consumer law, civil, criminal, labour, service law as well as constitutional law . I also counsel &mediate in family matters especially marriage. View Full Profile
Total Answers Given : 74
niranjan  C

niranjan C

LAWYER
Exp
Bangalore , Karnataka

Specialization

  • Property
  • Banking
  • Cheque Bounce
  • Civil
  • Criminal
Total Answers Given : 58
Sarika

Sarika

legal practitioner
Exp
Pune , Maharashtra

Specialization

  • Property
  • Domestic Violence
  • Civil
  • Divorce
  • Power Of Attorney
Adv. Sarika K. committed to providing the highest quality legal services. The commitment, knowledge, experience and professionalism I possess and continue to develop allows me to provide our clients with outstanding service. View Full Profile
Total Answers Given : 50
Adv. Jamal Sait

Adv. Jamal Sait

Advocate
Exp
Bangalore , Karnataka

Specialization

  • Property
  • Cheque Bounce
  • Civil
  • Criminal
  • Bankruptcy and Debt
I am an Advocate practicing primarily before Hon'ble High Court of Karnataka and courts sub-ordinate to it. My specialization is in both criminal, famil and civil law. I have independently argued various nature of cases ranging from Bail Petitions, Suit for Declaration and Injunction etc View Full Profile
Total Answers Given : 9
Mangesh  Yeole

Mangesh Yeole

Advocate
Exp
Akola , Maharashtra

Specialization

  • Property
  • Banking
  • Cheque Bounce
  • Civil
  • Divorce
Hello, myself Adv Mangesh Yeole. A practicing advocate in Akola with over three years of experience in the field of criminal, family, consumer laws. Also provide services in drafting and registration of land and property verification report. Recovery suits and cheque bounce cases. View Full Profile
Total Answers Given : 7
Rishabh  Kamal

Rishabh Kamal

Independent Advocate
Exp
Gurgaon , Haryana

Specialization

  • Property
  • Criminal
  • Employment And Labour
  • Power Of Attorney
  • Will
I am a 2013 graduate from one of the national law universities of India. I have dealt in criminal cases, civil cases, service matters. From 2019, i have started my independent practice. View Full Profile
Total Answers Given : 6
D R Agrawal

D R Agrawal

Advocate
Exp
Raipur , Chhattisgarh

Specialization

  • Property
  • Civil
  • Criminal
  • Cheque Bounce
  • Consumer Protection
Advocate, Former Deputy Advocate General High Court of Chhattisgarh, Legal Advisor Vaish World Foundation Chhattisgarh, Legal Advisor Lead India. Specialization Civil & Criminal Law, Writ, Commercial, Cheque Bounce, Claim Cases, Service Matter, Excise, Family, Property Law & Consumer court. View Full Profile
Total Answers Given : 6
MADHAVI  KULKARNI

MADHAVI KULKARNI

Handling litigations on my own
Exp
Mumbai , Maharashtra

Specialization

  • Property
  • Civil
  • Registration
  • RTI
  • Landlord And Tenant
i am M.Sc., LL.B. View Full Profile
Total Answers Given : 5
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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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