Sales tax on sale deed of under construction flat.

POSTED BY amar ante ON June 18, 2012 12:04 pm COMMENTS (3)

I have booked an under construction flat. As per oral information from builder possession will be in March 2014. I am waiting for SBI’s approval to the project itself. Sale deed registration is yet to be done. Will it attract any sales tax if it is done after 1st july 2012 in the event of new sales tax rules? Can anyone clarify this please?

3 replies on this article “Sales tax on sale deed of under construction flat.”

  1. Dear Amar, sales tax _ I assume you are talking about property purchase in a state where Sales Tax is levied or proposed to be levied. In case the cut off date is 1st july 2012 & the registration of your flat happens on or before 30th June 2012, the Sales Tax ‘ll not be applicable to you. Once the cut off date is over, you w’d have to pay the sales tax no matter you are registering your property in July 2012 or March 2014.

    Hope it answer your query.

    Thanks

    Ashal

    1. amar ante says:

      Thanks and Sorry for less info by me. My property is in Maharashtra (Solapur). I was to ask for the service tax in particular. Whether the sales tax/service tax is one time matter at the time of registration or to be given along with regular disbursements. Is ther any service tax for the same?

      1. Dear Amar, Sales tax is levied by State Govt. & Service Tax is levied by Central Govt. Both are one time affair, applied at the time of registration but applied on the full value of the property. You w’d pay only once at the time of registration.

        Thanks

        Ashal

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