T.N. government sets new fee for property transfer returns and leases

Key Highlights

• The amendment inserts a new sub-rule making it mandatory for any return filed for property transfer to be accompanied by the prescribed fee.
• The returns must now contain details of ownership, land extent, plinth area, type of construction, nature of use, building permission particulars, occupancy certificate, date of construction, date of occupation, photographs of the property and other details sought through the self-assessment system, and such rectification shall be made by the commissioner within two years as specified in section 98 of the Act.
• Another amendment prescribes renewal fees for municipal leases every three years, ranging from ₹2,500 for premises up to 100 sq.
• ft.
• to ₹10,000 for premises measuring 1,001 sq.