Mumbai: No property tax on residential properties up to 500 sq ft, Maharashtra government announces

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Maharashtra Minister Eknath Shinde said the BMC tax exemption will result in a loss of Rs 1042 crores. | Photo credit: iStock Images

Key highlights

  • The state government announced on Tuesday.
  • The decision is made during a discussion in the state parliament on a bill to not increase property tax on residential buildings and land.

Mumbai: Good news for Mumbaikars: Property tax on residential properties up to 500 square meters has been completely waived by the Maharashtra government. The state government announced on Tuesday.

The decision is made during a discussion in the state parliament on a bill to not increase property tax on residential buildings and land.

“The opposition has raised the issue of waiving the 500 sq. Ft. Property tax waiver, which includes general tax and other service taxes. The government’s stance also shares the same view. It is a work in progress and a decision will be made shortly . ” “An Indian Express report quoted Maharashtra’s Minister for Urban Development, Eknath Shinde, as saying.

Earlier, former Maharashtra CM and opposition leader Devendra Fandavis said that only general tax on property tax bills was waived, and not all property tax, as promised by then Shiv Sena boss Uddhav Thackeray.

There are eight components in the property, including general tax, education tax, water tax, sewage tax, tree tax and water money tax. The general tax is 10-30 percent of the total property tax.

Shive Sena had been criticized for waiving only the general tax and not all property tax, as the party had promised in its manifesto for the Mumbai 2017 Citizens’ Polls.

According to Eknath Shinde, the decision not to increase taxes was made so that the general public would not be burdened in view of the COVID-19 pandemic. The minister said the tax exemption will cause a loss of Rs 1042 crores for BMC.

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