Budget: Tax details of properties
In the new budget, among other sectors, the government has also proposed hiking taxes on immovable properties
The coalition government unveiled the budget for the fiscal year 2022-23 with an outlay of Rs9.5 trillion as it seeks to stabilise the economy and revive the stalled International Monetary Fund (IMF) programme.
In the new budget, among other sectors, the government has also proposed hiking taxes on immovable properties.
The details are as follows:
S.no | Holding Period | Rate of Tax | ||
Open Plots | Constructed property | Flats | ||
(1) | (2) | (3) | (4) | (5) |
1. | Where the holding period doesnot exceed one year | 15% | 15% | 15% |
2. | Where the holding period exceeds one year but does notexceed two years | 12.5% | 10% | 7.5% |
3. | Where the holding period exceeds two years but doesnot exceed three years | 10% | 7.5% | 0 |
4. | Where the holding period exceeds three years but doesnot exceed four years | 7.5% | 5% | - |