Prashanth Bhat
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VAT and Service tax calculation for apartment in bangalore
Q: Hi, I have booked an apartment in Electronic city, Bangalore. The flat is under construction and will be available for possession during feb 2013. The builder has given us the cost break up which has Rs.2,62,000.00 as service tax and VAT on the property which cost Rs.32Lakhs (basic cost + car parking). Kindly clarify me, what is the calculation for service tax and vat? Also pls clarify me what is the need for two separate agreement, say sale agreement and construction agreement? Now my builder is telling me that he will be giving me only one agreement. Kindly advice me on this. your clarification will be much helpful for me. Kindly help me. Thanks Rona

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Hi Manohar, I have purchased a property on Hosa Road Junction, Hosur Road, costing 39,25,000(including Car parking + amenties) + tax and Regn. My builder has given the quotation which says VAT and Service Tax @ 7.5% on total cost of the property. But you said it is 12.36% of the 25% of the basic cost. I am confused here, can you please clarify. Regards, Prashanth Bhat Hi Manohar, I have purchased a property on Hosa Road Junction, Hosur Road, costing 39,25,000(including Car parking + amenties) + tax and Regn. My builder has given the quotation which says VAT and Service Tax @ 7.5% on total cost of the property. But you said it is 12.36% of the 25% of the basic cost. I am confused here, can you please clarify. Regards, Prashanth Bhat
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