POSTED BY February 28, 2014 10:14 am COMMENTS (2)
ONI am planning to buy a apartment in chennai . The builder’s cost break up is as below :
1. Land + Construction cost – INR 3201900
2. EB – 45000, WATER – 25000, drainage – 50,000
3. LEGAL – 25000
TOTAL COST – INR 33,46,900,
How is calculate vat and service tax?
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sir
i recently purchased an under construction appartment flat with 1110sqft area
for which land value is 41000
cost of construction is 1221000
for which i paid service tax by cash to builder 69000
he is telling that 5.6% s. tax on total construction value
till now he is charging 3.5% to others who registered by june
but after june he is charging 5.6%
is it correct or not?
why this much confusion to every builder they are also not having any data
thanks
suresh
Dear Srevathi, VAT and service tax ‘ll be applied as a %age on your cost. the service tax is 3.09% of your cost other than land.
Thanks
Ashal