19 April 2013
Dear Sir, I want to know to buy a flat under construction at Mumbai what rate of tax( Service tax and VAT) I have to pay now and If I want to buy after 100% completion of building should I need to pay Service Tax and VAT. Thanks & Regards.
19 April 2013
For underconstruction flat you have to pay VAT @ 1% on agreement value or stamp duty value whichever is higher and service tax @ 3.09% in case property value is less than Rs. 1 cr and 3.708% in case property value is more than Rs. 1 cr.
In case of purchase of property after occuptation certificate is received VAT & service tax not applicable.
20 April 2013
notification no. 2/2013 dated 01st March, 2013
Querist :
Anonymous
Querist :
Anonymous
(Querist)
23 April 2013
Dear Sir, Thanks for your kind co-operation. One more request, can I ask notification for VAT @1% on agreement value or stamp duty value whichever is higher.
23 April 2013
Notification No. 1510/CR-65/Taxation - 1 dated 09th July, 2010. You can download from this link http://mahavat.gov.in/Mahavat/MyFold/KNOWLEDGE%20CENTER/NOTIFICATIONS/KNOW_NOTIFI_MVAT/NOTIFICATION-MVAT-2010-018.pdf
Querist :
Anonymous
Querist :
Anonymous
(Querist)
23 April 2013
Thanks a lot sir for your kind co-operation.