I baught a flat at a cost of Rs 9 lacs, my builder has reistered the flat under prakoshth adhiniyam as undivided share in a common land at rs 3 lacs , and he has made aseparate agreement for construction of flat with me for 6 lacs, how much service tax is payable and how can i know the exact amount of tax he has paid in respect of my flat
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Service tax on flats
Replies (4)
Service tax is payable by the developer @ 2% on the total amount (provided he avails composition scheme) else he has to pay @ 12.36% after availing Input credit.
Works Contract Service came into effect from 01/06/2007 onwards only. The question itself was asked on 10/05/2007 and the flat already bought. Therefore, I think the same will attract ST @ 12.36% if no abatement is availed.
u would be required to pay service tax @ 12.36% on 33% of 6 lacs, being the construction amount/work contract if the builder does not execute sale deed in respect of the superstructure. In case the builder executes a sale deed in respect of the land & superstructure, then it is a case of transfer of property andno service tax is payable.
Mr Inder
Has suggested a very logical Answere
thanks to him
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