Service tax on under-construction property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 June 2010
Hi,
I have booked a flat in May 2010 but agreement is not yet done.Now the builder is saying that from 1st july service tax is applicable. Flat costs Rs.2000000/-.(out of which 300000 are payable at the time of possession) what are the provisions of service tax regarding this? and on how much amount I will have to pay tax?
I have booked a flat in May 2010 but agreement is not yet done.Now the builder is saying that from 1st july service tax is applicable. Flat costs Rs.2000000/-.(out of which 300000 are payable at the time of possession) what are the provisions of service tax regarding this? and on how much amount I will have to pay tax?
Aditya Maheshwari
(Expert)
25 June 2010
Service tax will be payable on the outstanding amount payable only and not on the payments already made.
So service tax to be paid only on Rs. 300,000/- and the rate of service tax will be 2.58%
So service tax to be paid only on Rs. 300,000/- and the rate of service tax will be 2.58%
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