Pune civic body likely to consider tax waiver for small properties

PUNE: The civic body plans to seek out the Brihanmumbai Municipal Corporation and offer tax relief for smaller properties, following a request from elected members of all party lines and housing associations. Under the Pune Municipal Corporation (PMC) Plan, homes of approximately 500 square feet will not have to pay property taxes. Smaller 150-square-foot stores will also be exempt. Once the proposal is approved, approximately two lakhs of PMC properties will be out of the tax net. Earlier this month, Prime Minister Uddhav Thackeray announced a property tax exemption for homes under 500 square feet in Mumbai. Officials said that around 16 lakh families would benefit from the exemption under the BMC. "The decision of the BMC must be repeated at the PMC. It is the need of the moment. Most of the smaller apartments are owned by citizens with limited financial capacity. Many of them have lost sources of income during Covid. The founders of PMC Ashwini Kadam and Laxmi Dodhani, who presented the motion on the application to the Standing Committee, said: "The tax exemption will help them." Congressional leader Mohan Joshi also made a similar request. "PMC revenues have increased due to good revenue from property tax and building permits. The civil body can afford this exemption. It should be granted as soon as possible," he said. A group of housing associations has also urged the exemption. "The financial losses at workplaces, especially in small shops, are huge. Taxes should be retroactively waived," said Vijay Shinde of the Pune City and Apartment Association. Also, Read - Registration of homes in Kolkata down 10% in December 2021