A developer is constructing flats consisting of 20 residential units. Each residential units costs Rs. 15-18 Lakhs. Advance payments are obtained before completion. Coming in ST net from 01.07.2010? Under Construction.....
Heard that there is an exemptions for low cost housing worth less than 20 Lakhs. But I cant find any notification as such. Read these in the following website.
https://www.commonfloor.com/articles/tag/amendment-made-by-the-finance-act-2010 https://www.investmentyogi.com/taxes/service-tax-for-new-home-purchase.aspx https://www.etaxindia.org/2010/08/sale-of-under-construction-houses-to-attract-ervice-tax-from-july-1.html
Is the developer exempted from Service tax or not? Please advice
CAclubindia
