Centre Paves Way For Imposition Of Property Tax In J&K

20Shares

Representational Photo

Srinagar: The Government of India has amended two municipal laws of Jammu & Kashmir to empower administration of the Union Territory to levy and collect property tax.

According to the official documents, the Union Home Ministry on Monday notified “The Union Territory of Jammu & Kashmir Re-organisation (adaptation of state laws order) 2020 to amend different laws including Jammu & Kashmir Municipal Act-2000 and Jammu & Kashmir Municipal Corporation Act-2000.

According to the amendments carried out in Jammu & Kashmir Municipal Act-2000 and Jammu & Kashmir Municipal Corporation Act-2000, property tax shall be levied on all lands and buildings or vacant lands or both situated within the municipal area

“Unless exempted under this Act or any other law for the time being in force, property tax shall be levied on all lands and buildings or vacant lands or both situated within the municipal area,” reads the amendments made in the laws.

According to these amendments the property tax shall be levied at such percentage not exceeding fifteen per cent of the taxable annual value of land and building or vacant land or both, as the Government may, by notification, from time to time specify.

These laws also empower the government to exempt certain classes or categories of persons or lands and buildings, or vacant lands or both from the payment of the property tax.

They also define methodology for determination of property tax.

“Subject to the provisions of section 86 and rules, if any, made by the Government in this behalf, the taxable annual value of land and building or vacant land assessable to taxes under this Act shall be calculated by multiplying the corresponding unit area value with the total built-up area of a building or the total area of land, as the case may be, minus depreciation, at such rates as may be prescribed, depending on the age of the building,” reads the laws.—(KNO)

Be Part of Quality Journalism

Quality journalism takes a lot of time, money and hard work to produce and despite all the hardships we still do it. Our reporters and editors are working overtime in Kashmir and beyond to cover what you care about, break big stories, and expose injustices that can change lives. Today more people are reading Kashmir Observer than ever, but only a handful are paying while advertising revenues are falling fast.

ACT NOW
MONTHLYRs 100
YEARLYRs 1000
LIFETIMERs 10000

CLICK FOR DETAILS


Agencies

Leave a Reply

Your email address will not be published.

KO SUPPLEMENTS