Corporate Law

Andhra Pradesh: No revision of land fee this fiscal

In a huge comfort to people, the country authorities have determined towards revising the market values of land in the course of the cutting-edge fiscal. The stamps and registration branch used to be scheduled to revise the market values from August 1.

The choice to no longer revise the quotes was once taken due to Covid-19, distinct chief secretary (revenue) Rajath Bhargava said. “Several corporations submitted representations explaining the difficulties being confronted by way of the normal public in carrying out transactions in immovable residences due to Covid-19. Keeping the troubles in mind, the authorities have determined that there will be no revision of market price this year. The existing market cost tips will stay in pressure barring any revision until March 31, 2022,” stated Bhargava.

Several district administrations, in fact, have already commenced the exercise to advocate revision in market values. The committees headed by using joint collectors reviewed the present-day market values with district stamps and registration branch officers and directed them to gear up the proposals. Draft proposals are already entire in numerous districts and officers have been ready for ultimate guidelines from the government.

Sources stated the selection of the municipal administration branch to go for revision of property taxes based totally on capital cost through changing the current annual condominium fee may additionally have additionally performed a function in placing the revision of market values on preserve as the upward revision of market values, mainly in city areas, would have had an extreme effect on a revision of property taxes based totally on capital value.

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