REAL ESTATE UPDATE
12th March 2022
Issue No. 26/21-22
PROPERTY TAX WAIVER
The Governor of Maharashtra, on the advice of the State Government had promulgated an Ordinance on 12th January 2022 for waiver of property tax on residential units admeasuring less than 500 square feet in Mumbai.
On 9th March 2022 the Maharashtra Legislative Assembly passed a Bill waiving the applicability of property tax on residential units that admeasures below 500 square feet in Mumbai.
Accordingly, amendments to existing laws to not levy the property tax including tree cess and education cess have been passed.
| Disclaimer: This newsletter is for general information only and not intended for any solicitation. Views expressed in this newsletter are as on date and not necessarily of V Law Partners (“VLaw”). While reasonable efforts have been taken to provide correct information, VLaw cannot and does not warrant or guarantee the accuracy of the information provided in the newsletter. Readers are advised not to rely solely on this information when making any decision.
Suggestions: If you do not wish to receive our newsletters or have any comments or suggestions for us, please write to us at – admin@vlawpartners.com |