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Property registration department continues collecting 1% Local Body Tax

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The Times of India        18.07.2017  

Property registration department continues collecting 1% Local Body Tax

| | Jul 18, 2017, 05:29 AM IST
Advocate Yogesh Mehta, who bought commercial property in the last week of June, is waiting for registration of property with the Inspectorate General of Registration (IGR) and Stamp Department in the state as there is no clarity on Local Body Tax (LBT) for property registrations. At present, citizens pay 6% stamp registration fee (5% is stamp duty fee as per the Maharashtra Stamp Act and 1% is LBT). "I would prefer to hold on to registration than pay extra as LBT Mehta said.

Bibwewadi (Pune) resident Pravin Bafana is also holding on to registering his property for clarity on LBT from the state finance department. "Since GST came into force from July 1, we are hoping the state government issues a circular to stop collection, as we do not end up paying more for property registration,'' said Bafana, who booked a property nearby .

The state IGR continues to collect 1% LBT despite the Centre implementing Goods and Services Tax (GST) from July1and doing away with local body taxes. Citizens registering immovable properties are continuing to pay 1% more for registrations under LBT, with no clear direction from the state government.

IGR officials told TOI stamp registration comes under the Stamp Act and unless the state government issues a notification they will continue with the process. `The Stamp and Registration Act is different. On LBT collection, the state finance department has to issue a circular,'' senior officials from the registration department said.

Senior finance department officials said they would look into the technicalities. "With octroi gone, LBT should also go and only stamp duty should be collected, as in other states,'' Mehta said.
 

Property registration department continues collecting 1% Local Body Tax

Print PDF

The Times of India       18.07.2017 

Property registration department continues collecting 1% Local Body Tax

Advocate Yogesh Mehta, who bought commercial property in the last week of June, is waiting for registration of property with the Inspectorate General of Registration (IGR) and Stamp Department in the state as there is no clarity on Local Body Tax (LBT) for property registrations. At present, citizens pay 6% stamp registration fee (5% is stamp duty fee as per the Maharashtra Stamp Act and 1% is LBT). "I would prefer to hold on to registration than pay extra as LBT,'' Mehta said.

Bibwewadi (Pune) resident Pravin Bafana is also holding on to registering his property for clarity on LBT from the state finance department. "Since GST came into force from July 1, we are hoping the state government issues a circular to stop collection, as we do not end up paying more for property registration,'' said Bafana, who booked a property nearby .

The state IGR continues to collect 1% LBT despite the Centre implementing Goods and Services Tax (GST) from July1and doing away with local body taxes. Citizens registering immovable properties are continuing to pay 1% more for registrations under LBT, with no clear direction from the state government.

IGR officials told TOI stamp registration comes under the Stamp Act and unless the state government issues a notification they will continue with the process. `The Stamp and Registration Act is different. On LBT collection, the state finance department has to issue a circular,'' senior officials from the registration department said.

 

Senior finance department officials said they would look into the technicalities. "With octroi gone, LBT should also go and only stamp duty should be collected, as in other states,'' Mehta said. 

 

DDA to guide, show flats to prospective buyers

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The Hindu         17.07.2017  

DDA to guide, show flats to prospective buyers

Agency has deputed representatives at various project sites to inform visitors about facilities on offer

Seeking to facilitate visits by prospective buyers to the flats that are on offer in the new housing scheme, the Delhi Development Authority (DDA) has deputed dedicated representatives at various project sites to guide visitors.

The DDA 2017 housing scheme, which was rolled out on June 30 by Urban Development Minister M. Venkaiah Naidu, offers 12,000 flats across four income categories: High Income Group (HIG), Middle Income Group (MIG), Low Income Group (LIG)/one-bedroom, and Janta flats.

Spread across the city

The flats are spread across Rohini, Dwarka, Narela, Vasant Kunj, Jasola, Pitampura, Paschim Vihar and Siraspur.

“Prospective buyers can visit the flats. They can come and have a look at the facilities. And to facilitate their visits, we have deputed representatives at various flat sites, who will guide people interested in applying for the scheme,” a senior DDA official said.

Of the 12,000 flats, around 10,000 unoccupied flats are from the 2014 scheme, while 2,000 flats have been lying vacant.

The DDA’s move is apparently to make people comfortable about the features of the flats and the facilities being offered.

The draw of lots is slated to be conducted in the first week of November and it will be streamed online.

August 11 last day to apply

The last date for submitting applications is August 11.

The price of flats range from Rs. 7 lakh to over Rs. 1.26 crore.

For the LIG category, the registration fee is Rs. 1 lakh. For MIG and HIG flats, Rs. 2 lakh will be charged.

“People are free to visit the areas where the flats are being offered. We have also removed the lock-in period clause, as we realised this was also a factor in buyers surrendering flats. This is also to keep a check on those elements who do market speculation,” the official said.

The application form costing Rs. 200 can be purchased from various partnering banks or Vikas Sadan.

 


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