How do I determine the property tax on the rent received as I have given the premises on higher rent to a Company? Are there any guidelines set by the BMC?
Ans. The calculation of property tax on rent cannot be generalized and depends on various factors, but however if the premises are rented out to banks, companies, multi-nationals, etc. who are exempted from the provisions of the Maharashtra Rent Control Act,1999 by virtue of Section 3(1) (B) of the Act then the rates of property taxes could be as high as 60% or so. If the premises are rented out to others, who are protected under the Rent Act, the Mumbai Municipal Corporation cannot charge taxes on the actual rent and have to base their taxes on Standard rent defined under the Act, which is, in most cases lower than the actual market rent. Q. 8. Society charges us heavy amounts and even deposits if we give our apartment on Leave and Licence basis without payment of past dues which are in litigation? Would occupation by the occupant create more trouble for him and me? Ans. Although there are no fixed rules on the subject. However the society must be reasonable in all matters and if it i
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