Q:Incase of no deductions with eralier payemnts , can the buyer deduct 1% from the last installments . Is there a penalty for TDS not done for earlier payements
Latest Answer: Hi, under Income Tax Act, if you make a payment towards purchase of immovable property for an amount of Rs. 5000000 or more than you have to deduct TDS @1%. Hence, in your case even if the property is under construction you are essentially making payment towards purchase of property. So, you will have to deduct TDS on the payment.
Q:hi , I have been informed by the builder the as per the new notification of the service tax department , under group housing society , they have entitled to only 70% rebate , on 30% value they are required to pay service tax , means the new taxes in 4.5% (15%*30%) irrespective of the value of the flat , however as per the Govt notification , it should be 25% , and value of the tax would be 3.75% hence please guide me what is correct
Latest Answer: Yes, the new service tax chart would be :- Service tax Basic rate-14%,
Swachh Bharat Cess-0.5%w.e.f from 15.11.2015,
Krishi Kalyan Cess-0.5% w.e.f. from 01.06.2016
Total service tax rate-15%
Latest Answer: Hi folks,
I think this is nothing but aim was to increase population density along Metro corridors and bring passengers within walking distance of the stations.
Q:Hi All,I am shortly going to register my flat of 1700 sq ft on ground floor, costing around 70 Lac. Is there any exemption for women in stamp duty, if yes then how much?Thanks,Neha
Latest Answer: Thanks everyone for response, but I heard about one more clause, 1% rebate given to women should not exceed more than Rs. 10,000... Is that correct?
Q:Hello Sir.I purchased a flat in Greater Noida (UP) form IITL Nimbus builder in March 2014 and they give me possession in November 2014. Earlier when i purchased the flat builder not told me anything about VAT. but during the time of possession they ask to give VAT (2%) of Basic property cost. now i want to know, VAT is applicable in my case and if yes what will be the percentage value of VAT amount. and i also want to know, as the VAT amount is already taken by builder from me in November 2014 (4 Months back). but till now Builder not call me and other flats owners for registry.kindly give me your valuable reply.
Latest Answer: U.P. VAT IS PAYABLE ON TAXABLE GOODS ONLY. AS THE FLAT YOU HAVE PURCHASED IS NOT GOODS HENCE VAT IS NOT PAYABLE. FOR FURTHER CLARIFICATION IF ANY PLEASE BE FREE TO COMMUNICATE....
Latest Answer: Hi Dhananjay,
In my point of view, as per certain property act, you can avail property tax benefit , while selling the house. But there is certain law which you have to follow up , regarding this property act.
Q:Dear sir/madam,Please help me in getting my amount back from the builder.Introduction---------------------------------------------------------------------------------------------------------------------------------I have booked a flat in one residential project in Noida Extension, UP,India in Feb,2013. The builder office is in Delhi. I have made 20% payment(amount is around Rs.6,50,000.This include the service tax of around Rs.21,000).Till now builder has not made builder buyer agreement.After forcing him to give the BBA, the builder said that the booked flat is not approved by greater noida authority.Builder insisted me to take another flat in some other tower which is approved.Builder has put me in dark till now.After this fraud i decided to cancel my booking and given the cancellation request.Builder is saying that the amount will be refunded after deduction of the service tax which was already paid by me.Query-----------------------------------------------------------------------------------------------------------------------------------------(1) If the flat is not approved by the greater noida authority then is it possible to deduct the service tax?(2) Can i get back my deducted amount?Please help me.Thanks,Gautam
Latest Answer: Thanks Srikumar for your inputs.
luckily i have the approval docs from the fire department, greater noida authority which states that the tower in which i have booked the flat is only approved till 1st floor.I had booked my flat on 3rd floor.I have cancelled my flat as there is no construction yet.I have booked the flat almost two years back.I have received the refund after deduction of service tax only.Please suggest.
Q:in noida extension some builder are taking 3.09% service tax on total amount of flat(total cost =BSP + ADDITIONAL CHARGES LIKE CARPARKING,CLUB MEMBERSHIP etc.) and some builder are taking 3.09% of BSP and 12.36% on additional charge why is the difference?
Latest Answer: Hi Prakash, VAT and service Tax is applicable only for under construction property. If the property has already got Occupancy Certificate or it is a completed property than VAT as well as Service Tax is not applicable.
When you buy from the builder you get 1.undivided share of land and 2. the flat
The VAT and Service Tax (As on Jan 2013 ...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 the flat and not on land.
Make sure you get a TAX invoice for all tax payments made and if builder is not giving you the TAX invoice then dont give these amount.....rest of the things as PLC+EDC+IDC + AMMENITIES are charged at 12.36% ....BUT Parking cannot be charged for service tax because as per SC decision Parking slot is not an extra service but the part of construction itself.
