Need Help on Property Related Queries

Q: Hi
I am planning to buy a property and have couple of queries regarding that-
1. Is the property worth?
2. How is the locality and what are its chances of development in future?
3. How much is the registration, service tax and vat % and how is it calculated?
4. Builder is promising OC, but we get OC once construction is complete,how to check if he is telling truth or not?

If any one has bought any flat in this project, please let me know, want to discuss more.

Kindly help me if you know any of the answers.

Thanks
Neetu

Neetu Srivastav, Apartment Resident

3rd September 2014

Buying property in DS & Jacks Needs 3 Project 100, Haralur Road, Bangalore

vat & service tax on new apartment

registration charge

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Replies (3)

Hi Neetu there is no other way to check if the builder is saying the truth or not because occupancy certificate is processed at the time when the Palike gets information that the construction has been completed.

Manu Kumar, Bangalore

4th September 2014

Comment

When you buy a flat you buy two things from the builder 1. Undivided Land of Share and 2. The flat. Both VAT and Service Tax (Service Tax @ 12% on 25% of BASIC Price ( if Land Cost is included ) otherwise 12.36% on 33% of Basic Sale price ) need to be paid on no 2 and not on no 1. Make sure you get a TAX invoice for those if builder is not giving you the TAX invoice then dont give those amount.....rest of the things as KTPCL+BWSSB + AMMENITIES are chnarged at 12.36% ....BUT Parking could not be chnarged for service tax as , as per SC decision Parking slot is not an extra service but the part of construction itself

Abhimanyu Khan, Bangalore

4th September 2014

Comment

You should ask the builder to provide you a break up of all the charges on a written document. For the payment of the service tax it is always advised to make a payment by cheque rather than cash, as it is accounted as white money and the white payments will be helpful for you from taxation point of view in future and when you will be planning to sell your property. Don't forget to ask your builder to provide you a receipt when you make him a payment by cheque

Dilip Joshi, Bangalore

4th September 2014

I think it is worth buying a property in this project and locality as it is close to Hosa road so there are chances of development in the coming days.

Harlur is a very prime location to live for and have good connectivity to other parts of the city by ORR, E- city and Sarjapur road.. The area is very safe to stay with a family. But the only disadvantage is that the area is having a very narrow roads which might create traffic congestion in the future when the area is fully developed.

Dilip Joshi, Bangalore

4th September 2014

Comment