SRINAGAR, OCT 10 : Senior National Conference leader and Member of Parliament Mohammad Akbar Lone on Saturday said that centre has no right to impose property tax here in J&K.
While talking exclusively with the Press Trust of Kashmir (PTK), Lone said if there would have been a legislative Assembly and such issues should have been decided by them not by the Centre.
He said that on what ground they have imposed property tax here, when the market value of property here is very low.
The Government must re-consider its decision and revoke this decision immediately so that locals who have been going through tough times already must feel a sigh of relief.
According to the recent order the property tax shall be levied at such percentage not exceeding fifteen per cent of the taxable annual value of land and building or vacant land or both, as the Government may, by notification, from time to time specify.
These laws also empower the government to exempt certain classes or categories of persons or lands and buildings, or vacant lands or both from the payment of the property tax.
They also define methodology for determination of property tax.
“Subject to the provisions of section 86 and rules, if any, made by the Government in this behalf, the taxable annual value of land and building or vacant land assessable to taxes under this Act shall be calculated by multiplying the corresponding unit area value with the total built-up area of a building or the total area of land, as the case may be, minus depreciation, at such rates as may be prescribed, depending on the age of the building,” reads the laws.
