Real Estate Forum on Legal in Hebbal, Bangalore

Latest Answer: As per the rules, from June 1st, 2015, Service Tax for an under-construction flat will be calculated at the rate of 14 % of the gross value of the property. But as there is a Government abatement of 75 percent (increased from 67 percent), tax will be levied only on 25 percent of the gross value of the property. The effective rate of service tax is therefore 3.5%. For example, The basic square feet price of your 1200 Sq Ft flat is Rs 4000 with PLC of Rs 100. Car Parking Charges = 3,00,000 Service Tax = [{(1200 X 4000) + 3,00,000} X .035] + [(1200 X 100) X 0.14] = Rs. 1,95,300 VAT differs from state to state. In your state if the VAT is 5%, you can extend that your flats construction material cost. All you need to do is ask your builder for the construction material cost of your unit and apply 5% on it and you will get a figure. For Example Construction Material Cost of your unit is Rs. 30,00,000 VAT = 30,00,000 X .05 = Rs. 1,50,000

Latest Answer: There is a well written article written here, click on the link to read the article Useful Tips to Transfer a Property

Latest Answer: Thanks Madhav. I have done that. Cheers.