Bangalore introduces an AI-powered system to enhance property valuation accuracy and transparency, impacting property taxation. This initiative aims to streamline assessments, benefiting residents and the municipality alike.
The real estate sector expresses concern over proposed elimination of long-term capital gains indexation benefits, seeing it as a potential hindrance to expansion and increased tax burdens.
Revamping stamp duty & registration fee collection could double revenue to Rs 1.5 lakh crore, with Maharashtra's model touted for nationwide adoption.
Direct Taxes Code proposes changes to taxation of house property income, shifting from potential to actual or presumptive rent, calculated as 6% of rateable value or acquisition cost.