Is service tax for real estate if yes/. at what rate
Querist : Anonymous
at what rat if any
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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
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