Govt Grants Property Tax Exemption to SVK in Gachibowli
The government, after careful examination of the matter, granted permission for grant of property tax exemption only in respect of the area utilized by SVK for non-commercial purposes
Hyderabad: The State government has accord permission for grant of property tax exemption only in respect of the area utilized by Sundarayya Vignana Kendram (SVK) in Gachibowli for non-commercial purposes.
The Greater Hyderabad Municipal Corporation (GHMC) Commissioner RV Karnan shall take necessary action in accordance with the government's orders and extend property tax exemption under Section 202 of the GHMC Act-1955, only in respect of the area utilized by SVK in Gachibowli, for non-commercial purposes.
The Commissioner shall ensure that the exemption is restricted strictly to the non-commercial portion of the premises and that property tax is levied on any area used for commercial purposes, if any, as per the provisions of the GHMC Act and the rules in force.
Compliance shall be reported to the government, according to Jayesh Ranjan, Special Chief Secretary to the government.
The Zonal Commissioner Serilingampally Zone, in his note to the GHMC, reported that the managing trustee of SVK furnished relevant copies seeking property tax exemption. A preliminary inspection was conducted along with bill collector and tax inspector and during the course of inspection observed that the substantial portion of the premises is being commercially utilized through lease agreements with private IT firms, fitness companies and sports firms.
While a part of the premises is being used for library and meeting purposes, the dominant portion usage pattern indicated commercial purpose through leasing.
Therefore, the GHMC has requested the government to examine the request of SVK Managing Trustee, for exemption from payment of property tax vis-à-vis the factual report submitted by the Zonal Commissioner Serilingampally Zone.
The government, after careful examination of the matter, granted permission for grant of property tax exemption only in respect of the area utilized by SVK for non-commercial purposes.
