MANAGEMENT

Detailed explanation-1: -What is Property Tax? Property Tax, also sometimes known as House Tax, is the tax imposed on real estate owners by the municipal authorities like panchayat, municipality or municipal corporation.

Detailed explanation-2: -Capital Gains Tax Immovable property such as land, building, apartment, individual house, etc. is termed as a capital asset for the purpose of income tax computations. Thus, the amount received from sale of a property is treated as capital gains, and hence attracts Capital Gains Tax.

Detailed explanation-3: -A house property could be your home, an office, a shop, a building or some land attached to the building like a parking lot. The Income Tax Act does not differentiate between a commercial and residential property. All types of properties are taxed under the head ‘income from house property’ in the income tax return.

Detailed explanation-4: -Income tax, corporation tax, property tax, inheritance tax and gift tax are examples of direct tax.

Detailed explanation-5: -In simple terms, it is a tax paid by the landowners to the local municipal body or the government. Property tax applies to all types of tangible properties of an individual owner, which includes residential property, attached lands, office spaces, or any other property rented to third parties.