Land Reforms
49 Pages Posted: 14 May 2012
Date Written: May 13, 2012
Abstract
TOP Tax system ensures that the land ceiling act in India can be implemented in totality to perfection making Government’s task easier in pushing forward land reforms and allocating land to landless poor. Each individual will have only one Main Savings Account having a sub folder called Land Savings Account. Land Savings Account , akin to money savings account, will be operated by banks. Land Savings Account/LCA of each person shall be utilised as the de-mat account of that person’s ownership rights of all immovable properties like lands, plots, flats, factories and other establishments.The Land Savings Account will show an individual’s exact ownership rights of his/her all immovable properties. The total land extent in each Land Savings Account will never cross the upper limit, strictly adhering to land ceiling act. Under the TOP tax system the purchase of lands, plots, flats or other properties should be made through Land Savings Account (LCA), the second folder of Main Savings Account (MSA) operated by banks. If any person buys land, plot, flat or any other property anywhere in India the extent and nature of the property will be credited in his Land Savings Account and the same property will be debited from the seller’ Land Savings Account (LSA). Whenever he/she sells any property that is credited in his LSA, the same will be debited from his/her Land Savings Account and the same property will be credited in the buyer’s Land Savings Account (LSA). Just like shares there will be no paper documents for all immovable properties. Hence no separate registration and revenues departments are needed in the suggested TOP Tax system.
Keywords: land reforms, land savings account, land reforms in India
JEL Classification: Q1, Q15, Q18
Suggested Citation: Suggested Citation