‘Mansion’ tax to be revised
The Government has decided to revise the ‘mansion tax’ of one million rupees on houses that are worth more than Rs. 100 million or having 5,000 square feet imposed through interim budget proposals say reports.
It is decided not to levy the tax from ancestral homes and a construction date from which the levy would be applicable is to be decided. The tax would be levied for mansions constructed within the previous 5 to 6 years say reports.