Property tax is levied on real estate in India. Owners of the properties are required to pay property tax annually to the authorities. Now, you must be wrecking your brain and wondering if property tax on vacant land needs to be paid or not. I will share the answer below.
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India is an agrarian economy. I read in the news that owners are usually not liable to pay property tax on vacant land in India. This holds true in both rural and urban areas. If there is no construction on the land adjoined to the vacant land then, the owner of the vacant plot is not liable to pay taxes.
Though, there are several municipal corporations in metropolitans that have begun leaving taxes on vacant plots lying unused in prime areas. Greater Chennai Municipal Corporation (GCMC) levies 50 paise per sq ft from owners. Under Section 199 of the Greater Hyderabad Municipal Corporation Act, owners of vacant land need to pay taxes.
Are property taxes on vacant land tax deductible?To answer your question in short, yes property taxes paid on vacant land is tax deductible for Indian citizens. You can file ITR according to the dates released by the Income Tax department and file a claim.
This is all from my end on property tax on vacant land.
Read more :
How to get my property tax receipt online?
How to pay land tax online in Tamil Nadu?
How to get land tax receipt online?
How to pay vacant land tax online?
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Authors Of The Question
Are property taxes on vacant land tax deductible ?
Vikram
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1 Answers
2 Year
2022-09-14T10:31:27+00:00 2022-09-14T10:31:28+00:00Comment
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