Hi there, I have purchased a flat recently and going for its registration next week. I have a few questions related to that and would highly appreciate if anyone can share some info about it asap.
I have my total Flat cost (C) broken in to two agreements: Land Sale value (A) and Construction value (B). I know that I have to pay stamp duty and registration only for amount A but not the total amount C (which is A+B).
On what amount VAT & ST are applicable & how much are they ? As per my knowledge 1) ST = 12.36% of 33% of B 2) VAT = 14.5% of 60% of B Is this correct ? My builder is charging 4.13% & 5% resply for ST & VAT on total flat cost (C). Is this correct ? If no, please suggest me what can I do.
Please share whatever information you have on this asap. Thanks a lot. Nutan