Mumbai's civic House has passed a Notice of Motion to raise the property tax exemption limit from 500 sq ft to 700 sq ft, potentially benefiting lakhs of middle-class homeowners. The non-binding proposal now heads to BMC administration for review amid political debate and fiscal concerns.

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Mumbai: Starting October 1, 2024, a 1% TDS will be applied on the purchase price or stamp duty value (whichever is higher) of immovable property worth over INR 50 lakhs, even with multiple purchasers or sellers, per Budget 2024.