Is service tax for real estate if yes/. at what rate
Querist : Anonymous
at what rat if any
please replay
thank you
Basically there are two classes of service rendred "Construction of Residential Complex" and "Construction of commercial and industrial complexes".
Service tax is leviable as under:
(a) If the agreement for sale comprises of the value of building alone and a separate deed is registered for transfer of land - abatement of 67% of price and ST leviable on 33% @ 12.36%.
(b) If the agreement to sell is a consolidated agreement for transfer of land and buildings:
(i) If the consideration per unit is below Rs.2 Crores AND the area of the premises is less than 2000 square feet, abatement of 75% of the price and ST leviable on 25% @ 12.36%; or
(ii) If the consideration is more than Rs.2 crores and the area is more than 2000 square feet, abatement will be 70% and ST leviable on 30% @ 12.36%.
Other services offered by promoters like 'maintenance of the buildings and gardens', 'provision of club services', etc. are not part of real estate industry services and they will be subject to service tax irrespective of whether Completion Certificate has been received or not.
Querist : Anonymous
Click here to login now
Similar Resolved Queries
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Free lancer income
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- STCG FOR GOLD ETFs
- Suggestions required for income tax filing-software (FY 2025-26)
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
