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Can builder charge 4.5% tax on under construction property?- Property Hotline
Posted
October 13, 2016
Views
48
October 13, 2016
48
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2:00Now PlayingExpert: Pannkaj Ghadiali, Managing Partner at PC Ghadiali and Company LLP.
Question: I have booked under-construction floors in 2009 which are still under-construction. I am paying as per the builder's demand. Recently, builder started charging me 4.5% service tax on each demand raised by him. However, as per my knowledge, the service tax he is entitled to is 3.5%.
Answer: Service tax on under construction projects is charged at 3.75% if the value of the property is less than Rs 1 crore. Service tax on under construction projects is charged at 4.5% if the value is above Rs 1 crore.
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