New Delhi Property Tax Rates to Increase in April
Feb. 3 – India is set to increase property tax rates in New Delhi starting April 2010.
The Municipal Corporation of Delhi’s (MCD) has proposed higher tax rates for residential properties in the A to H category. A two percent increased for categories A and B, three percent in categories C and D with the highest hike in property tax rate proposed for category E increasing from 6 to 12 percent and a one percent increase for category F and H.
In addition, tax levied on self-owned luxury commercial properties will increase from 10 percent to 15 percent; these include starred hotels, malls, airconditioned gyms, swimming pools and clubs. Non-residential properties will have higher tax rates from 10 percent to 15 percent for category A and B; 10 percent to 13 percent in category C, D and E and from 10 percent to 12 percent in category F, G and H.
Farmhouses used as residences will be taxed at 15 percent from 10 percent while farmhouses used for non-residential purposes will be increased from 15 percent to 20 percent. Public school buildings, pre-schools or nursery schools will be taxed 12 percent from 10 percent.
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