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ankit

ankit (Querist)
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24 November 2013 what amount of service tax on residential flats sold by builder

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
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24 November 2013 I hope you are the Mr Ankit Thakrar of Bangalore. Iam MJK again.Service Tax is payable on the value of labour and service charges included in the price of a flat.This is generally taken as 40% of the total construction cost,if detailed accounts are not avilable.On that value 12.36% or 4.12% of the whole construction cost including material is to be paid. 4.12% is the composition rate.Construction cost is calculated after deducting land cost and charges made some amenities and deposits from the total value of a flat...mjk

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