Q:I have booked a flat in 2012 and over years I have been paying the installment. I see the service Tax amount has changed and will changer after April 2016 again, Can someone provide me the details of service tax over years for property above and below 1 Cr.I also need to know about VAT. Are we suppose to pay VAT on every installment.I would have prefer that government have a official website for this.
Latest Answer: Thanks for all the inputs, but I doubts if the current service tax rate for property above 1 Cr is 3.71, as I feel this was increased in November 2015 and again in this Budget. So looking for table which state the same. I don't want to give up additional amount in the name of tax,
Q:HiI had purchased a flat in taloja in sep, 2013. Builder has already got occupation certificate from CIDCO in oct,2012. Now he is demanding vat tax 1% from me. Without that he will not give possession to me.. I have already paid other dues. Pls suggest do I need to pay vat tax 1% to builder.
Latest Answer: Hi folks,
Is Vat and Service Tax is applicable on ready-to-move-in property, single residential unit, independent house, villa, bungalow and low cost housing? Should builder issue two separate receipts for both VAT and Service Tax?
Q:I have purchased new flat in Oct 2012 in Panvel,Navi Mumbai.I have paid 20% (4Lakh)amount and made 80 (12 lakh) % loan.i confuse about who's will pay service tax and VAT and how much?
Latest Answer: Hi,
Sir, I need to know regarding Stamp Duty and other charges. like I buy already a Flat now a time to take position so before that i need to make registration so what type of taxes should be paid by me? example stamp duty and what? Appreciate your immediate response.
Q:Dear Sirs,Suppose I sell a residential flat in 2013 for Rs 1.62 cr approx. (going market rate) which was purchased in 1985 - 1986 for Rs 2.55 lacs:1) What is the VAT / Service tax / TDS tax / any other tax me / buyer will have to bear / pay (if any)? It seems some new rule is come into effect from June 01, 2013 regarding service tax. I request clarification.2) What is the long term capital gain tax I have to pay on sale of the flat?Likewise, if I invest the proceeds of sale in part or full in purchase of residential flat (new / resale) what will be my tax outgo (VAT / Service tax / TDS tax etc)Thanks,Shivakumar R Sharmaemail:shivakumar_sharma@yahoo.co.in
Latest Answer: i all,
To give buyers relief, the government has allowed income tax deductions if the property is bought on a loan. Under Section 80C, the borrower can claim deduction of up to Rs 1.5 lakh. For a self-occupied property, a Rs 2 lakh benefit is available under Section 24 (b) of the Income Tax Act for interest on the home loan. If the property is not self-occupied, the entire interest paid to the lender can be deducted from income.
Q:Is this correct that all the buyers who bought under construction property between Jun 2006 to March 2010, will have to pay 5% VAT on agreement value plus an interest of 15% per annum?
Latest Answer: Thing to remember while you are buying property:- 1) VAT and Service Tax are not applicable on ready-to-move-in properties. For instance, if you have bought a property when it is almost ready-for possession, you must consider to postpone your sale agreement to be signed after completion certificate is issued. If you do so, then you will be saved from paying these charges.
2)Builder has to issue 2 separate payment receipts i.e. one each for VAT (with Tax Invoice no and TIN) and Service Tax (with Tax Invoice No and ST registration no).
3) Service Tax is not applicable on single residential unit i.e. independent house, villa or bungalow.
4) Service Tax is not applicable for low cost housing with carpet area of up to 60 sq-mt.
Latest Answer: 1 % on Agreement Cost effective from April, 2010 / Service Tax 1/4 of 12.36 that is 3.09 % on Agreement Cost. Once you Registered your Agreement for Sale, you are liable to pay Vat & Service Tax. There is no Service Tax & Vat on Ready Possession Properties.