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TMI BlogM Sabin Mathew TO 1 recipient Service tax on buying an under construction flat in bangaloreX X X X Extracts X X X X X X X X Extracts X X X X ..... Sir, I am planning to purchase an under construction Flat in Bangalore. I got the draft copy of the sales agreement (Dual agreement). As per the agreement base price (price / sqft * super built up) is 33Lakhs (the UDS of Land value is 8 Lakh and the cost of construction is 25 Lakhs).As per the Builder sales tax (VAT) @ 9.5% of 70% Basic and Car Park Value [9.5%*(70%*(3304800+150000)) = 229744] an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d service tax 12.36% of 30% of Basic and Car Park and other charges [12.36%*(30%*(3304800+150000)) = 128104]. Could you please tell me whether the formula to find the service tax and VAT is true? I understand the builders are not suppose to calculated the Service Tax on the base price and it should be on the cost of construction. Thanks in advance - Reply By sanjeev bajaj - The Reply = As for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as Service Tax is concerned, there are the following two methods:- 1. Service Tax @ 12.36% on service portion in the construction cost i.e. Labour cost plus portion of profit on labour cost 2. Service Tax @ 12.36% on 25% of the total value, if carpet area is less than 2000 Sq Ft. or amount charged is less than Rs. 1 Cr. - M Sabin Mathew TO 1 recipient Service tax on buying an und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er construction flat in bangalore - Query Started By: - Sabin Mathew Dated:- 8-4-2013 Service Tax - Got 1 Reply - Service Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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