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Is service tax applicable on under-construction property?- Property Hotline
Posted
November 3, 2016
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221
November 3, 2016
221
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2:23Now PlayingExpert: Vinay Singh, Tax and Legal Expert.
Question: I want to know whether the builder can charge service tax on under-construction property. The developer-Ajnara is charging me service tax ?on a property that he purchased 3.5 years ago. The possession is due in Jan 2017 and they are working on Interiors and plaster work. There are two disbursements which are left to be paid and Rs 1.5 lakh service tax has already been taken up till now. The total value of the flat is around Rs 37.49 lakhs including Service Tax.
Answer: Yes you are liable to pay 4.5% service tax considering the size and value of the flat. The tax exemption is for projects where each house is upto 60 sq. metres in a scheme of affordable housing in partnership approved under the Ministry of housing and poverty alleviation.
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