I am CA Student. My parent has purchased new house for our own residency in October 2016 from builder and propety is under development. This transaction take place just before demonitization. Due to demontization whole puchase is made in white payment, which has cost us bit morethan usally but i am happy since it has incraesed my parent's wealth.
The details of propety are as under :-
Basic cost:- 42,00,000/-
Stampduty and registration charges:- 3,00,000/-
Service Tax @ 3.75%:- 1,57,500/-
Maharashtra Vat @ 1%:- 42,000/-
So total payment on account of tax is Rs. 1,99,500/-.
My parent has made majory of payment only payment left is VAT & Service TAX of Rs. 1,99,500/- and Rs. 2,00,000/- of Basic cost.
I have following questions.
- When builder is liable to pay above tax of Rs. 1,99,500/-? (Is he liable to pay immediatly after my first payment of Rs. 10,00,000/- or when i pay him taxes of Rs. 1,99,500/-. i.e. on receipt basis)
- Should i wait for GST till 1-7-17 or make a payment of above taxes Rs. 1,99,500/-. (Since someof the news says our Urban Development Minister M Venkaiah Naidu is trying to exempt GST for housing. Is i have to pay 18%, 5% or 12%)
Ref News:- Minister M Venkaiah Naidu
Rate:- Rate
Due to demonitaztion this house cost me more than usually and now GST can anyone please help me what to do. make a payment of Taxes or wait for GST.
CAclubindia
