Pay more tax for owning property in posh colonies | Latest News Delhi - Hindustan Times
close_game
close_game

Pay more tax for owning property in posh colonies

Hindustan Times | By, New Delhi
Feb 09, 2010 12:51 AM IST

Residents of posh colonies in the city will have to shell out more money as property tax compared to residents of other localities.

Residents of posh colonies in the city will have to shell out more money as property tax compared to residents of other localities.

HT Image
HT Image

The entire area under the Municipal Corporation of Delhi (MCD) has been divided into eight categories, A to H, wherein category A stands for upscale colonies.

Hindustan Times - your fastest source for breaking news! Read now.

The MCD, in its meeting of the House held on Monday, gave the final nod to the tax jump that include two per cent rise for residential properties falling under category A and B such as New Friends Colony, Vasant Vihar, Anand Lok.

The other categories from C to H will see a rise of one per cent from the previous rate. (see box).

For commercial properties such as multiplexes, big shops, and farmhouses in the city, there has been an increase of 5 per cent from the previous 10 per cent.

"The MCD has divided residential properties from categories for collection of property tax. The MCD commissioner in his budget speech had proposed a flat increase of five per cent across all categories of residential properties. But the MCD House has reduced the burden on taxpayers by approving an increase of mere two per cent for category A and B and one per cent for the remaining categories," said Subhash Arya, leader of the MCD House.

He said a committee has been constituted to further study the possibility of taxing the telecom and electric companies being operated from MCD land.

A first-time tax on production of electricity for commercial purposes and on heavy-duty power generators was also approved by the civic body.

Unveiling 'Elections 2024: The Big Picture', a fresh segment in HT's talk show 'The Interview with Kumkum Chadha', where leaders across the political spectrum discuss the upcoming general elections. Watch now!
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On