Do we have to pay service tax on under-construction property?- Property Hotline
August 18, 2016
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4:10Now PlayingDo we have to pay service tax on under-construction property?- Property Hotline
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as posted by the channelExpert: Ashish Sodhani, Associate - International Tax Practice at Nishith Desai Associates.
Question: Do we have to pay service tax on under-construction properties? If not, what should we do if we have already partially paid service tax? How can we get a refund of that amount?
Answer: Exemption on service tax is available for certain types of units - single residential and low cost houses under Affordable Housing Scheme of Government. For others, an abatement is allowed which provides that only 25% / 30% of Total Purchase Price should be charged to service tax i.e. service tax at 15% on 25% / 30% of the Total Purchase Price. The service tax is charged on 30% of the amount in case for flats above 2000 sq. feet (carpet area) or costing Rs1 crore. Application will need to be filed in prescribed format and filed with Department.
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