Section 3(4) in The Maharashtra Tax on Buildings (With Larger Residential Premises) (Re-Enacted) Act, 1979
(4)[ Where, the Corporation has levied the property tax on the land and buildings on the basis of capital value under the provisions of the relevant municipal law, the tax shall be levied on all buildings or parts thereof situated in Corporation areas, containing any residential premises,-(i)if, situated in area of Brihan Mumbai, the floorage' of such premises is more than 125 square metres;(ii)if, situated in other Corporation area, the floorage of such premises is more than 150 square metres;as such rate not exceeding 0.05 per cent of the capital value, as the State Government may, by notification in the Official Gazette, specify:Provided that, where the property tax, on the basis of the capital value has been revised by the Corporation under the relevant municipal law, the tax levied under this Act shall not exceed forty per cent of the tax payable in the year immediately preceding such revision.] [Sub-section (4) was inserted by Maharashtra 10 of 2010, Section 116.]
