Service Tax on purchse of House

This query is : Resolved

Atul Kale (Querist)
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04 June 2010 In Budget 2010 govt. has introduced service tax @10.3% on the 25% of the purchase value of the new house.

I wanted to know what is the effective date for the same? (1st April or 1st July 2010) also the effective date will be considered as agreement date or booking date or date of possession?

Shyam Lal Naik

Shyam Lal Naik (Expert)
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04 June 2010 Tax on 25% is available, if the Gross amount includes cost of land.

Effective date will be notified. It has not been notified yet.

Date of payment of instalment is relevant for the purpose of Service Tax.

Madhukar N Hiregange

Madhukar N Hiregange (Expert)
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07 June 2010 Many builders objecting to this levy as not on a service and likely to go the renatl route.

Date to be notified.

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