MANAGEMENT

Detailed explanation-1: -Property tax levied on the ownership of property is a substantial source of revenue for city-level municipal governments in India. The word ‘property’ in this context stands for all tangible assets under the ownership of an individual.

Detailed explanation-2: -You can deduct what you paid in property taxes throughout the year when you file your federal income tax return. This tax break reduces the amount of tax you owe, and it can even help you qualify for a refund.

Detailed explanation-3: -The interest rate charged on a property tax varies from state to state and is equal to a certain percentage amount of the tax due. Usually, the percentage of interest rate on a property tax ranges between 5 and 20 per cent.

Detailed explanation-4: -30% of net annual value of the house property is allowed as deduction if property is let-out during the previous year. b) In respect of self-occupied residential house property, interest incurred on capital borrowed for the purpose of acquisition or construction of house property shall be allowed as deduction up to Rs.