Facts about Property Tax

1.       Rent and other income from any floor, building, or plot attached to it is generally taxed under the household income of the house. The open plot of land is not considered below this head.

2.       The appraiser must be the owner of such goods and should not be used by him for the purposes of any business or profession carried by him.

3.       The income tax is calculated after standard deductions-30% of the net annual value and the amount of interest payable if the capital provided is used to acquire, construct, repair, renovate or rebuild.

4.       Income is taxable on the basis of the annual value, the amount by which the property can reasonably be expected to be fired for a year. The tax is charged on the actual income if it is higher than the standard amount.

5.       An occupied property, which is used for own residential purposes throughout the year and no other benefit is derived by the owner of the same, does not attract any tax.

--Shailaja K