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Maharashtra nod to not revise capital value of buildings, land in Mumbai

Posted by squrefeet2022 on December 9, 2021
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Under the Mumbai Municipal Corporation Act, 1888, the capital value, based on which property tax is paid, is to be revised every five years.

MUMBAI: With the elections to the Brihanmumbai Municipal Corporation scheduled to be held early next year, the state cabinet on Wednesday approved a proposal not to revise capital value of building or land in Mumbai for 2021-22 in view of the pandemic.Under the Mumbai Municipal Corporation Act, 1888, the capital value, based on which property tax is paid, is to be revised every five years. In a press release, the government said it has decided to provide relaxation in the wake of economic difficulty of citizens. Owing to lockdown, small establishments, schools, factories, industries, associations, daily earnings were adversely affected. 

This article was originally published on ET Realty. View original Article Click here

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