Results for #july
Taxes & Duties
#property#july#letter#purchase
I bought a property after July 2010. I have received a letter from the Central Govrnment asking for service tax which is due on this property. Is the service tax due on such a purchase?
I bought a property after July 2010. I have received a letter from the Central Govrnment asking for service tax which is due on this property. Is the service tax due on such a purchase?
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Answered on November 08, 2017
The liablity to pay service tax is on the service provideer (builder in this case). Service tax department cannot raise demand on the buyer of the property to pay service tax on behalf of the builder.
Legal
#constructed#flat#july#possession#applicable
Dear Sir, I had bought a 90% constructed flat in Thane in July, 2010 and I got its possession in October, 2010. I would like to know the service tax applicable to my flat.
Dear Sir, I had bought a 90% constructed flat in Thane in July, 2010 and I got its possession in October, 2010. I would like to know the service tax applicable to my flat.
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Service Tax would be 1% of the Agreement value and particularly since the building / flat was not fully constructed as on July 2010.
Taxes & Duties
#society#mumbai#july#capital#lakh
I have sold my society plot in Mumbai in July 2012 and I have capital gain of 10.50 lakh. I don't want to buy a property of this money rather want to invest in tax free bonds. Can you advice as which tax free bonds are good to invest in at what interest rate and locking period?
I have sold my society plot in Mumbai in July 2012 and I have capital gain of 10.50 lakh. I don't want to buy a property of this money rather want to invest in tax free bonds. Can you advice as which tax free bonds are good to invest in at what interest rate and locking period?
Answered on November 08, 2017
Both the tax free bonds notified by Central Government currently i.e. NHAI and RECL have the same lock in period of 3 years and rate of interest of 5.25%. So the capital gains of Rs. 10.50 lakhs can be invested in any of the bonds to claim exemption under section 54EC of the Income Tax Act.
