A mother having 4 sons settles the property of 2400 sqft to them. they decided to construct with stilt + 2 floors having 2 kitchen in first floor, 2 kitchen in the second floor. The construction is given to me. we are panning to enter into construction agreement. Kindly tell me weather i have to account for any tax part in the construction agreement like SERVICE TAX, VAT, etc. and what is the each part to be accounted.
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Service tax for house construction with 4 kitchen
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if agreement includes payment for materials also then you are reqd to charge s.tax on 30% of contract amt. in this case.
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