Service tax on properties under construction
This query is : Open
Swaroop KM
(Querist)
29 April 2010
Hi,
In the current finance bill there was service tax leveid on all properties under construction on the buyer. I have purchased a flat in Nov 2008, its still under construction. So far I have released 90% of the total sale value to the builder. Will I have to pay the service tax as part of this finance bill even though I have got into an agreement in Nov 2008? Any help on this would be highly appreciated.
Regards
Swaroop
In the current finance bill there was service tax leveid on all properties under construction on the buyer. I have purchased a flat in Nov 2008, its still under construction. So far I have released 90% of the total sale value to the builder. Will I have to pay the service tax as part of this finance bill even though I have got into an agreement in Nov 2008? Any help on this would be highly appreciated.
Regards
Swaroop
01 May 2010
Service tax on residential flats is not a new levy but applicable from 16/06/2005. Notwithstanding this, the date of provision of service is the deciding criterion in levy of ST and not the payment for consideration
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