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What percent of tax is applicable on occupying flat?- property Hotline
Posted
December 8, 2016
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391
December 8, 2016
391
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3:29Now PlayingExpert: Pannkaj Ghadiali, Tax Expert
Question: In 2015, I have booked flat in mortgage apartment (1200 SQFT) in Rajahmundry Andhra Pradesh. Flat cost is Rs 30 lakhs. At that time apartment was constructed 60%. I am going to home loan so I have only paid 20% of total amount and went to agreement. Now Builder completed 95% of construction in the venture and got NOC from Municipal Corporation. So my apartment is ready for registration. Even my apartment is ready to occupy stage. Builder is providing under-construction registration agreement (Sale deed registration and Construction agreement) to save Rs 85000 from Ready to occupy registration cost. Now, I want to know whether ready to occupy apartment's Service Tax and VAT applicable in Andhra Pradesh, if so what are the percentages? My apartment is 1200 sq. ft. and cost is Rs 30 lakh. Builder charged 4.5% Service Tax. My apartment is less than 2000 sq. ft. and value less than a crore. Is there any chance to reduce service tax rate?
Answer: In Andhra Pradesh law says that you have to pay 5% Vat on 25% of the value which is 1.25% of the total value. This is totally not a higher amount. You are liable to pay 1.25% of VAT. In service tax if the value of the flat is less than Rs 1 crore then you will have to 25% of the normal rate of service tax. Normal rate of service tax is 15% so 25% that is 3.75%. If the property rate is more than 1 crore then you will have to pay 4.5% of tax.
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