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HomeCURRENT AFFAIRSBUSINESSHouse Tax Exemption: Good News! Get Rebate on Depositing Tax From This...

House Tax Exemption: Good News! Get Rebate on Depositing Tax From This Month! Check Details

Find out the most recent good news for small home owners as the Municipal Corporation proposes a significant decrease in housing taxes.

House Tax Exemption: There’s good news for those who reside in tiny homes. To give these individuals a reduction in their housing taxes, the Municipal Corporation has made a significant move. As per the recent Municipal Corporation resolution, there will be a substantial reduction on house tax deposits starting in April.

Municipal Corporation’s Tax Exemption for Modest Residences

Allow us to inform you that the Municipal Corporation has included a tax exemption for modest residences in the budget. A five percent discount would be given by the Municipal Corporation to modest houses whose monthly rental value is less than Rs 900. Owners of such homes will only be required to pay a 10% house tax. The Municipal Corporation House has approved this plan.

Progressive Tax Structure

Speaking with Municipal Commissioner Inderjit Singh, he announced that a 15 percent house tax would be assessed if the yearly rent assessment exceeded Rs 900. On the other hand, the Municipal Corporation will reduce the house tax by 5% if it doesn’t exceed Rs 900. What makes this exemption unique is that it will benefit over 50,000 individuals.

He said that the more than 50,000 people living there would experience significant relief if this idea is approved. From April 1 through July 31, there will be a 10% discount, according to Municipal Commissioner Inderjit Singh. On the other hand, there will be a 5% discount from August 1 through December 31. After January 1, 2025, there will be no exemption for house tax deposits.

Municipal Corporation Workers Exempt from House Tax

According to Municipal Commissioner Inderjit Singh, those who work for the Municipal Corporation and provide other services would not be required to pay house tax if they own their own residence in the city and reside there.

He noted that former service members who received a Shaurya Chakra, Ashok Chakra, Param Vir Chakra, Other Soldiers Chakra, or any combination thereof, as well as their dependents—spouse, young children, or single daughter—would likewise not be required to pay regular taxes. This will only be relevant if they themselves live in the residential building.

100% House Tax Exemption for Severe Disabilities

In addition, he stated that a 100% house tax exemption would be granted for disabilities ranging from 80% to 100%, and a 50% exemption would be granted for disabilities ranging from more than 50% to less than 80%. According to him, the Bharat Ratna, police personnel, and those who have been awarded Arjuna medals by the President are exempt from paying house tax. Sportsmen, scientists, and journalists working at the national level will receive a half-house tax exemption.

Disclaimer: This information is intended for general knowledge only. Any financial decisions should be made in consultation with a qualified professional. DNP News Network Private Limited is not liable for any financial losses incurred based on the information provided here.

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