Latest Answer: Yes, and don't forget that For apartments with carpet area of more than 2000 sq ft or for property valued ₹1 crore or above, service tax is levied on 30% of the cost of the property. This takes the service tax to 4.2% for such properties. However, service tax is levied on the entire amount on other cost items such as Preferred Location Charges (PLC), Floor Rise Charges (FRC), initial maintenance charges and club-house etc. In all these cases service tax is standard – 14.5%.
Latest Answer: Are you buying a under construction property or ready-to-move flats? If it is a under construction property then you have to pay VAT because VAT is applicable for the under construction property. If that property would have been constructed then there was no need to pay VAT. It is not applicable to the constructed property so that’s the advantage of buying a ready-to-move or developed property. And this could be cost you around 15% including 14.5% as VAT and 0.5% as Krishi Kalyan Cess and Swachh Bharat Cess-0.5%.
