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Textile Mill Lands gets tax exemptions

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As per to the sources available with www.propertykhazana.com, mill property developers are facing a burly grievance, Maharashtra Govt. is probable to lessen the tax on the textile mill properties with its Stamp Duty Reckoning by 10-20% in 15 days. Planned progress will reduce the stamp duty for those who are considering buying housing land or commercial land on the mill properties enduring the construction. There is an hike in the costs of mill properties, which are sold out to realty developers by inviting open tenders by 5-500% in its Ready Reckoner by adding the encumber of stamp duty. Recently, stamp duty is 5%, but the territory has not integrated any housing ventures where it is Rs. 7,600 up to Rs. 5 Lakhs and 5% over Rs. 5 Lakhs. The property value for the valuation of stamp duty is viewed on the source of property price and cost of development and 25% profit in housing ventures or 50-500% in commercial ventures.
Sources revealed at www.propertykhazana.com is, giving ears to the protest of mill property developers the state principal secretary had called for a conference on May 16th with the town planning officers on reducing the property value in Stamp Duty Ready Reckoner. Land Tax and other taxes are considered on the basis of market value stated in reckoner and State Town Planning Department had made a plan and Inspector General of Registration and Stamps (IGRS) had given a corrigendum to Ready Reckoner.
Source: NIMMA BENGALURU

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