What is the rate of service tax applicable on under-construction property? - Property Hotline
February 9, 2017
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1:55Now PlayingWhat is the rate of service tax applicable on under-construction property? - Property Hotline
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as posted by the channelExpert: Suresh Surana, Founder, RSM Astute
Question: What is the rate of Service Tax applicable on under construction property whose value is less than Rs. 1Cr. and carpet area is less than 2000 sq. ft.?
Answer: After 1st April 2016 now there is no concessional benefit available for small flats or in your case, property whose value is less than Rs. 1Cr. and carpet area is less than 2000 sq. ft. Now 30% of total value is deemed to be the service element, and on that 15% tax is applicable which comes to 4.5%. The prevalent rates will be applicable for the demand notices raised before April 1st, 2016.
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