PUNE: The Pune Municipal Corporation (PMC) has announced that the 40 percent property tax exemption will not be applicable if the property owner rents out their property to tenants. This announcement has come after the recent decision to reinstate the 40 percent tax exemption for property owners who live in their homes.
According to the PMC, property owners who have rented out their homes will not be eligible for the tax exemption. The PMC will carry out checks on each property before applying the discount and will verify the rental agreement with the police and the Stamp Duty Department to ensure that the property is not being rented out.
The PMC has stated that it will only grant the 40 percent tax exemption to property owners who live in their homes. In cases where a property owner moves out and rents out their property, they will lose the exemption.
The decision has been met with mixed reactions from property owners and tenants in Pune. While property owners who live in their homes will benefit from the exemption, those who have rented out their properties are disappointed with the decision. Many have expressed concerns about the additional tax burden they will face.
On the other hand, tenants have expressed relief that they will not be burdened with the additional tax. They believe that it is the responsibility of property owners to pay taxes on rental income and that tenants should not be held liable for it.
The PMC has clarified that it is their responsibility to ensure that property owners pay their taxes and that tenants are not held liable for it. The decision to not apply the 40 percent tax exemption for properties that are rented out is aimed at ensuring that property owners pay their fair share of taxes.