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conversion of residential property tax to commercial
19-Oct-2023 (In Property Law)
I want to give my residential premises in coimbatore on rent to an office. how do i go about changing the residential property tax to commercial property tax. what are the documents needed
Contact the local property tax authorities in your local body/municipal office and request them to convert it to residential to commercial. They will do it by revising the property tax. The tarrif for commercial is two times comparing residential.
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Adv. Raghuraman Balaji
Chennai | 500+ Answers
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How can I save tax on my commercial property?
Income Tax Act allows two types of deductions for income from commercial properties (annual value). These are a standard deduction, and a deduction for interest on loan under Section 24. I. Standard deductions for electricity, water, repairs, insurance etc. The standard deduction is 30% of the annual value.
How do you convert commercial property to residential?
When you are ready, its time to submit a rezoning application. Your local planning department will provide you with the necessary paperwork. The costs can vary from hundreds to thousands of dollars depending on where you live.
How do you convert commercial land?
Proof of ownership:
Copy of the sale deed if applicable
Copy of the title deed.
RTC (Record of Rights, Tenancy and Crops)
If the land was inherited, a copy of the partition deed is required.
Copy of the mutation certificate
Copy of the survey map
Copy of Land Record
What is the tax difference between residential and commercial property?
Residential property taxes tend to be lower than commercial property tax rates. Commercial property taxes also depend on the assessed value, but are often higher. 15 Apr 2023
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