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Showing posts from September, 2019

Property Tax Payment in India

Property Tax Payment Property Tax is charged by the Government on all Tangible Real estate that an individual owns. These Real estate assets could Include Residential Homes, Office Buildings and Other Buildings Rented out to Third Parties. Property Tax has a deep-rooted history in India. Even in olden days great Epics like Manu Smriti and Arthasastra, which spoke about different tax measures at that time. kings would levy a small tax on farmers and landowners. which would be used to enhance the treasury of a kingdom. The advent of the British bought in a more streamlined process, with land revenue forming a major chunk of the British treasury. They devised a system of centralization with respect to land tax, appointing individuals to collect tax on behalf of the crown. This gave birth to tax collectors and formal tax collection system in the country Property in India is classified into four categories. which help the government estimate tax based on certain criteria. the di
khata is an essential document/certificate required by property owners in Bangalore. it is issued by BBMP(municipal corporation of Bangalore) to properties fall under their jurisdiction. it is evidence that property tax has been paid for the property. every property owner from Bangalore must possess a khata transfer in order to carry out further legal proceedings involving property details. but having khata does not confirm ownership of the property on the individual whose name khata is registered. What is “A khata and B khata”? Generally, these are a type of khata’s that exist under BBMP. the concept of khata came only from 2007. after BBMP formed in order to collect property taxes from property owners. It was introduced to improve proceedings for property tax collection. Initially, BBMP started maintaining two registers to maintain property taxes. First, the register was ‘ A’ khata  and it contains all legal properties details in Bangalore. a second register called ‘ B’ khata