Ravi Kumar, Hyderabad
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Taxes on sale agreement and construction agreement
Q: We have recently purchased a flat in hyderabad for a cost of 50 lakhs + stamp duty and applicable taxes. for the same we have entered into 2 agreements, registration document for 32 lakhs and construction agreement for remaining 18 lakhs. under the stamp duty and applicable taxes account, builder gave me the following breakup. Please let me know whether this breakup is right or not and how can I know whether the builder has paid them correctly to the govt. under deed value: Stamp duty @ 6% = 192000 Reg. duty/ VAT @ 1.25% = 40000 Service tax @ 25% of 14% = 3.5% = 112000 Total 344000 for construction agreement VAT = 5% = 90000 Service tax @ 40% of 14% = 5.60% = 100800 Total 190800 Grand total 534000 Thanks in advance.

Latest Answer: Hi ravi I dont think there is any issue in this breakup but if you are feeling any hesitation then take help of a reputed lawyer to know about the legal aspects of the order and what is mentioned in your property agreement.

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