Flat
This query is : Resolved
24 November 2013
what amount of service tax on residential flats sold by builder
MJ Krishnamurthy
(Expert)
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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