When we buy flat the cost is divided into various components like a). Basic Cost of flat. b) total cost- including car p
Q: Details of flat sale valve is a). Basic cost, b). Car park c). Club house, this gives total cost of flat Then land cost, vat +service tax+ generator+ gas bank+ infra development cost. On what cost is service tax calculated, vat is calculated, what all costs are taken to calculate registration changes with per centage
Hi All, I have a 2 BHK flat in Nitesh caesars palace, Kanakapura road, want to rent it out - semi furnished - rent - Rs.17000 - 1 lakh security deposit , i believe currently nitesh not charging monthly maintenance , any one interest please contact me- 9886555453, i am flat owner.
1) Value of land 2) Construction offered by the developer (service provider)
Service tax is payable only in case of construction services and not on the value of land. In cases where it becomes difficult to ascertain cost of immovable property and service cost separately, government has come up with the provision of abatement scheme where an amount is levied on the total amount.
As per the rules effective from 1 st June, 2015, service tax will be calculated at a rate of 14% of the gross value of the property. But as there is a Government abatement of 67% which has increased to 75%, so tax will be levied only on 25% of the gross value of the property. The present service tax rate is therefore 3.5%.
To get the figure, you need to ask the builder for the construction material cost of your unit and apply 5% on it.