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Are there service tax exemptions for small budget houses?- Property Hotline
Posted
December 8, 2016
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22
December 8, 2016
22
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4:39Now PlayingExpert: Pannkaj Ghadiali, Tax Expert
Question: Are there service tax exemptions for small budget houses? Is there a simple way to calculate service tax and capital gains tax?
Answer: Finance bill states that if your house is restricted to 60 sq. metre of area then the service will not be applicable. This is applicable only on the homes constructed under central or state government and private public partnership. But if your house is constructed by a private developer and even if it is a small house you will have to pay tax. The simple way to calculate the service tax is take 3.75% of the total value if the flat is less then Rs 1 crore and less than 2000 sq. ft. And if it more then you will have to pay 4.5% of the total value.
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