I have bot a property of around 3700 sq. ft in karjat. The land cost is 15 lacs. I am constructing a bungalow of approx. 1425 sq. ft. The cost of construction is 30 lacs. Cud help me with the vat and st calcualtion on the above. The land was bought in 2012 and construction started towards beginning of 2014.
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VAT and service tax on an under: Karjat
3 years 4 months ago #3887
Are you building this house for self occupation or planning to sell it to someone after construction? VAT and service tax is not applicable on the land portion of a property. It is only on the construction service portion provided by a builder.