PURCAHSE OF UNDER CONSTRUCTION FLAT
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 March 2011
Dear Sir,
I am going to book a flat which is under construction. I need to pay some down payment at present and balance in the installments. Do i need to pay service tax on this transction?
If yes please guide me ragarding on which amount i need to pay s.tax (on down payment/full payment) and at which rate?
And please also guide me that under which service my transction falls?
Please reply me at your earliest.
I need your help.
Thx
I am going to book a flat which is under construction. I need to pay some down payment at present and balance in the installments. Do i need to pay service tax on this transction?
If yes please guide me ragarding on which amount i need to pay s.tax (on down payment/full payment) and at which rate?
And please also guide me that under which service my transction falls?
Please reply me at your earliest.
I need your help.
Thx
09 March 2011
Service tax is leviable on advance payment once the construction of the complex is under service tax. Rate of tax depends on the scheme opted by the developer.
Message likes :
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09 March 2011
Agree with expert. S Tax is payable alongwith every payment.
Most developers opt for the 75% abatement scheme under which the effective rate is 2.575%.
Most developers opt for the 75% abatement scheme under which the effective rate is 2.575%.
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 March 2011
Dear Sir
Will u please give me exectly the applicable service name and if there is latest notification/circular regarding this then it will be very much helpful to me.
So if possible give me the name, notification and circular if any regarding this services.
Thx
Will u please give me exectly the applicable service name and if there is latest notification/circular regarding this then it will be very much helpful to me.
So if possible give me the name, notification and circular if any regarding this services.
Thx
09 March 2011
Read construction of complex service, works contract service , W.C.Composition scheme, Abatement notification No.1/2006 r.w 29/2010.
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