Southern States - Karnataka-Bangalore

CVS for building tax may be put off

By Our Staff Reporter

BANGALORE MAY 21. The Bangalore Mahanagara Palike (BMP) is likely to defer its much-publicised capital value scheme (CVS) for building tax by a year.

The BMP has decided to appeal to the Government to permit it to postpone the new scheme as there are several "inherent flaws'' in it. The BMP will now continue with the self-assessment scheme (SAS) till March 2003.

Highly placed sources told The Hindu that the decision to postpone the scheme was taken after a prolonged discussion between the BMP and government officials, with a view to protect the interest of property tax payers.

Under the CVS, the tax rates for commercial property were likely to come down, and those for residential properties were to go up. There was also confusion on the tax rates applicable. The tax slab was fixed between 0.3 and 0.6 of the market value of property.

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