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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 Capital Gain?

Answer: Capital Gain means profit from transfer of a capital asset. 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: A part of my property is self-occupied and rest is let-out. How will my income from this property be computed?

Answer: Part of the property which is self-occupied will be treated as an independent self-occupied property and part which is let-out will be treated as an independent let-out property and income chargeable to tax will be calculated for both parts independently. Source:
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: 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.
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: 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: What is the Service Tax on PLC?

Answer: Service tax on PLC is 14.5% as it is considered as luxury. 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: 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: What is property Tax? Is it vary from city to city?

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. 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 TDS on property above 50 Lacs?

Answer: 1% is the TDS above 50 lacs. Source:
Question: Do we need to pay service tax on prepayment of home loans?

Answer: We don't need to pay the service tax. 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: Who is a deemed owner for the purpose of payment of property tax?

Answer: Deemed owner is an owner by implication, he may not be the person under whose name property is registered. Some instances in which a person who is not the owner of the property is considered to be the owner for the purpose of tax levy are- 1) When an individual transfers any house property to his/her spouse or minor child without any adequate consideration then such an individual is deemed to be the owner of that house property. In case of spouse such transfer should not be under any agreement f Source:
Question: Is there a property tax for the mortgage property?

Answer: Yes, there will be property tax. 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: What are long term and short term Capital Assets?

Answer: A Capital Asset held for not more than 36 months or less is a short-term capital asset. An asset that is held for more than 36 months is a long-term capital asset. For example, a house property held for more than 3 years is termed as a long-term capital asset. Source:
Question: Can a property other than a property used for residential purpose by the owner and his family, be called a self-occupied property?

Answer: A property owned by a person and occupied by him and his family for residence is considered to be a self-occupied property. However, if with respect to any property following conditions are satisfied then it is treated as a self-occupied property:-

1. Property is owned by the taxpayer.

2. Such property is not let out to any person and generates no benefit to the taxpayer.

3. Taxpayer cannot occupy or reside in such property owing to his employment, profession or business Source:

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