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Attention: File GSTR 9/9C by 31 Dec — Avoid Penalties Now! Talk to our expert

FAQ's on Chennai Property Tax

As per the Income Tax Act of 1961 the income derived from real estate is taxable. Any property's annual value determines its taxable value, and the owner who earns income from the property is responsible for paying the corresponding tax.
The corporation penalises defaulters at a rate of 2% and it is automatically charged with the assessed value, following with a grace period of 15 days.
Property tax payments are required on 31 September and 31 March. Non-payment of the tax carries a penalty of 1% each month. Enter the information, including the district number, zone number, and division code.
Industrial buildings and residential properties between 1,201 and 1,800 square feet will fetch 100% more in old city regions and 75% more in newer areas. Homes larger than 1,801 square feet will cost 100% more in the new city and 150% more in the old city.
For properties and structures controlled by the central government and occupied by foreign missions, no property tax is collected.

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