Karnataka mulls tax on 2nd homes and NRI properties
Karnataka is thinking about adding a new tax on second homes and properties owned by NRIs.
The goal? To raise money for affordable housing projects, especially for people who need it most in cities and villages.
The plan was mentioned in the 2024-25 budget, with Rajiv Gandhi Housing Corporation Ltd. leading the charge.
Karnataka officials propose tiered tax system
Officials are proposing a tiered system, where the amount depends on your property's value and location.
Money collected would go straight into building affordable homes and improving local infrastructure.
Some folks see this as a smart way to tackle housing shortages, while others worry it could make property investment less attractive.
The government will talk with experts and citizens before making any final decisions.