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Municipal Tax / Property Tax Interview Questions & Answers - Learning Mode

Municipal Tax / Property Tax Interview Questions & Answers - Learning Mode

A tax assessed and levied by a local authority such as a county or municipality. A local tax is usually collected in the form of property taxes, and is used to fund a wide range of civic services from garbage collection to sewer maintenance. The amount of local taxes may vary widely from one jurisdiction to the next. Municipal Corporation in every city imposed tax in terms of property tax. Owner of every property has to pay this tax. This tax rate varies in every city. Also called Property Tax.

Try Municipal Tax / Property Tax Interview Questions & Answers - Exam Mode

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Municipal Tax / Property Tax Interview Questions & Answers - Learning Mode
Try Municipal Tax / Property Tax Interview Questions & Answers - Exam Mode
Question: What is Property Tax?

Answer: Property tax is a type of house tax levied annually, which is paid by a landowner to the local government or the municipal corporation of his area. Source:
Question: What is the Service Tax on PLC?

Answer: Service tax on PLC is 14.5% as it is considered as luxury. Source:
Question: What is TDS on property above 50 Lacs?

Answer: 1% is the TDS above 50 lacs. Source:
Question: Is there any service tax on the under construction property?

Answer: Service Tax is levied on under construction property @3.6% if property value is less than 1cr & property area is less than 2000 sq feet. However, the service tax is 4.3% if property value is more than 1cr and property area is more than 2000 sq feet. Source:
Question: Is there a property tax for the mortgage property?

Answer: Yes, there will be property tax. Source:
Question: What is the difference between property tax and income tax?

Answer: Property tax levied on the annual property value and is based on the number of properties the owner has. Income tax levied directly on personal income. Source:
Question: What is Capital Gain?

Answer: Capital Gain means profit from transfer of a capital asset. Source:
Question: What forms of long term or short term capital gains exempted from taxation?

Answer: (i) Exemption of Capital Gains arising on transfer of assets in cases of shifting of Industrial Undertaking from Urban Area to Rural Area Capital asset transferred should be any land, building plant or machinery. New asset in the rural area should be purchased within 1 year before or 3 years after the date of transfer. Provisions of deposit in Capital Gains Account Scheme, 1988 and consequence of transfer of the new asset within 3 years will be the same as in S. 54. (ii) Exemption of Capital Gai Source:
Question: What all does the term property include for the purpose of income tax?

Answer: The term property for the purpose of Income Tax Act, 1961 is limited to any building including land forming an integral part of that building, i.e. necessary for the use of the building and not used for any other purpose which may generate taxable income, for example a paid parking lot would not be considered part of a building and would be treated as a separate property. Tax on rental income from a vacant plot is charged under the head income of other sources. Income from property used for busi Source:
Question: My property is in my wife's name but I pay the EMI of the loan taken for the property, what is the tax benefit that I can claim?

Answer: You cannot claim the tax benefits. Source:
Question: When is long term capital gain tax applicable?

Answer: Long Term Capital Gain Tax is applicable when you sell any property and you earn certain gain from that, then you have to buy another property from that profit within 3 years of selling which should be ready to move in or can buy land where you can construct house within 3 years. Then you can save capital gain tax. If fail to buy the same then capital gain tax of 20 % will be applicable on the profit. Source:
Question: Who pays house/property tax?

Answer: Owner of the property pays this tax. Person in possession of the property might or might not be the owner of the property. Owner is usually the registered owner of the property. Owner here also includes a deemed owner. Source:
Question: If I am having two residential properties in two different cities, what are the taxation rules for both of them? Both are income generating?

Answer: It varies from locality to locality and city to city. Source:
Question: What forms of Long Term Capital Gains exempted from Taxes?

Answer: Following:-

(i)Capital Gains arising from transfer of residential house,
For instance: When a taxpayer has within a period of one year before or two years after the date of transfer purchased residential house in India or within a period of 3 years from the date of transfer constructed a residential house in India. The amount of exemption will be to the extent of the cost of new residential house purchased or constructed. And, if the amount of capital gains could not be utilized for Source:
Question: What is the Annual Value of self-occupied property? What deductions are allowed in case of self-occupied property?

Answer: Annual Value of self-occupied property is zero. Owner of self-occupied entitled to get deductions in the form of interest on loan taken for the construction or purchase of the property. The interest payable is subject to a max of Rs. 1,50,000 (loan taken on or after April 1,1999) and Rs. 30,000 (loan taken before April 1, 1999). Source:
Question: How do I pay Property Tax?

Answer: Most municipalities allow for the payment of property tax online. Past payments can also be checked here. The government portals also calculate the property tax liability for you. Source:
Question: I have a house property in Pune, but it is locked up, no one is staying there and thus no income generated through that house. Do I need to pay the tax?

Answer: Yes, you'll need to pay the tax. Source:
Question: How Property Tax can be calculated for my Property?

Answer: Municipal Valuation of your property will be published as rates for different areas by the municipal authority in that area. Property tax to be paid to the local authorities will be calculated based on this valuation. Today, several municipalities provide online facilities for calculation and payment of property tax. Source:
Question: What is the rebate given on Income Tax for repaying of Principal amount for a home loan taken for buying a ready to move in property?

Answer: You can get 1.5 lakhs of rebate. Source:
Question: How is the Annual Value for let-out property calculated? What are the deductions from this annual value allowed?

Answer: Gross Annual Value of a let-out property is equal to the maximum of the following:-

1. The sum for which the property might reasonably be expected to let from year to year.

2. Actual rent received or receivable by the owner of the let-out property.

3. Municipal valuation of the property. Net Annual Value is then calculated by deducting municipal taxes paid during the year from the Gross Annual Value. Deductions are provided under Section 24 of the Income Tax Act, 1961.

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