In the new budget, the Finance Minister introduced service tax on real estate complexes unless the entire consideration for the property is paid after the completion of construction, that is, on obtaining the occupation certificate from the concerned authorities.
Service tax will now also be levied on additional services provided by a builder to buyers for extra charge like preferential location, internal and external development of complexes.
Service tax on the activity of construction would mean buyers paying higher price for property which is under construction.
Monday, March 15, 2010
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