The 5% discount on BBMP property taxes is a rebate offered to taxpayers who pay their property tax in full by the due date. To avail the discount, you can pay your property tax online or through any of the designated Canara Bank branches in BBMP limits.

Yes, the following property tax rebates are available for the year 2023-2024 from BBMP 5% rebate for paying property tax in full by the due date, 50% rebate for senior citizens and differently-abled individuals, 100% rebate for properties used for educational or charitable purposes

If you do not pay your BBMP property tax on time, you will be liable to pay a late fee of 2% per month, up to a maximum of 24%. You may also be subject to other penalties, such as confiscation of your property.

The last date for paying BBMP property tax in 2023 is 30 April 2023.

The most recent property tax exemptions available to property owners in 2023 encompass several notable provisions. These include a 5% rebate for those who make prompt full payments of their property tax by the due date. Senior citizens and differently-abled individuals are eligible for a substantial 50% rebate.

Properties utilised for educational or charitable purposes are granted a full 100% rebate on property tax. Additionally, new buildings are exempt from property tax for the initial four years, while vacant land enjoys a property tax exemption for the first three years. These exemptions offer various financial benefits to property owners in the current year.

The BBMP Amendment Bill 2023, which is still pending approval, proposes to make several changes to the property tax regime, including Increase in the property tax rates, Introduction of a new tax slab for high-value properties, New exemptions for certain types of properties.

Some effective strategies for saving tax on your property include paying property tax in full by the due date to avail the 5% discount, claiming all eligible property tax rebates, Filing your property tax returns accurately and on time

There are a few things you can do to reduce your tax liability when selling a property, such as Invest the capital gains from the sale of your property in a tax-saving asset, such as a new home or a tax-saving investment scheme, claim any eligible deductions, such as cost of acquisition and improvement of the property, set off your capital gains from the sale of your property against other capital losses.

There is no anticipation of any changes in the property tax slabs for 2023. However, the BBMP Amendment Bill 2023, which is still pending approval, proposes to introduce a new tax slab for high-value properties. If the bill is passed, it could lead to higher property taxes for some property owners.

The BBMP Amendment Bill 2023 is a proposed bill that seeks to amend the Bruhat Bengaluru Mahanagara Palike Act, 2007. The bill proposes to make several changes to the property tax regime, including Increase in the property tax rates, Introduction of a new tax slab for high-value properties, and new exemptions for certain properties.

Ensuring prompt payment of your property tax can lead to savings on your BBMP property tax bill. By paying before the deadline, you can enjoy a discount of up to 5%. Additionally, paying the full year's tax in advance qualifies you for an extra discount of up to 5%.

If you've secured a home loan for buying or building a property, you're eligible for exemptions under this section prior to purchasing or starting construction. However, completing the construction within three years is necessary to claim the full tax deduction of ₹2 Lakh.

Yes, you can save tax on BBMP property loans by claiming deductions on the interest paid under Section 24(b) of the Income Tax Act. Additionally, you can also claim deductions on the principal amount repaid under Section 80C. Consult a tax expert to maximise your savings within the legal framework.

Property tax returns for 2023-2024 must be submitted by 31 March 2024, with no option for reducing taxes. Any outstanding balance can be settled online or via designated bank branches.

As per the draft, property tax rates for different types of residential properties vary: 0.2% of the guidance value for tenanted properties, 0.1% for self-occupied properties, and 0.025% for fully vacant land.

To qualify for the tax benefits on a self-occupied property under Section 80EEA, a taxpayer can claim a deduction of up to ₹2 lakh on the interest amount as per Section 24(b) of the Income Tax Act.

Yes, you can claim the property tax paid for your rental property as a deduction under the house property in the year it was paid. This deduction can be claimed under Section 24 of the Income Tax Act, reducing your taxable rental income and ultimately lowering your tax liability for the year.

People purchasing a new home are eligible to claim a deduction on the cost under section 80C of the Income Tax Act, which typically equals approximately 10% of the total house cost. However, deductions under this section are capped at ₹1.5 lakh.