Hi,

I have booked a flat with a builder in Dec 2012. I have to pay the 20% margin amount this month. While I was going through the cost sheet provided by the builder, I'm having few doubts which I wanted to clarify.
1. Since I booked a flat in Dec 2012 - The Stamp duty charges were as per last years value. Now in the current cost sheet is updated. I wanted to know on what basis the stamp duty is charged. If it is calculated as 5% of the agreement value, then our builder has calculated on a higher percentage.
2. In the previous cost sheet, there was no mention about the VAT charges. But in the current cost sheet 1% VAT is included. Should we pay 1% VAT.
3. Service Tax 3.09 is not specified in the cost sheet. Is it calculated along with some other value or this is additional.

Please suggest.
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  • Stamp duty is 5% of agreement value or 5% of ready reckoner whichever is higher. Check your agreement value and multiply it by 5%.
    Registration is 30000. Generally these two added amounts will be shown to you as stamp duty.
    Stamp duty ready reckoner is considered the time you actually pay stamp duty so doesnt matter when you booked.

    VAT is 1% of agreement value.
    Service tax is 3.09% , applicable only for U/C flats.

    Generally Stamp duty + Reg + VAT + Service tax will come approx 10% of your agreement value if you pay everything by cheque. So check your agreement cost, and calculate above values. it shall be 10%.
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  • Thanks Ashwamedh for quick information
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  • Query for VAT and Service tax

    Hi,
    I brought under construction property in Jan 2015. and Paid service tax to govt. and made the registration. This amount I claimed in Sec 80C in 2014-15 year. My VAT is remaining and I haven't paid that yet to Builder and planning to paid the same in current financial year in January 15 time-frame.

    May I know can i get the benefit of this VAT amount under sec 80C income tax act. for current 2015-16 financial year.
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  • Is Service Tax Applicable on a Property Bought in 2011?

    Hi,
    I bought one room kitchen flat in Warje area.
    The agreement was done in June 2011 and the possession was given in Feb 2012.
    Am I required to pay service tax for this transaction?
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