Q:
Hello,
I purchased new flat (under construction flat) in Bangalore in June 2011.
Basic cost of my flat is 30Lakcs. And 1.5 Lacks for Car Parking. Total basic cost is 31.5 Lacks.
My Builder charged me 5% of VAT on 31.5 Lacks (Basic Cost of Flat + Car Parking Amount).
My Builder also charged me 2.7% of Service Tax on 31.5 Lacks (Basic Cost of Flat + Car Parking Amount).
Do I need pay both VAT and Service Tax to my builder?
Do I need to pay VAT? If yes, as per Govt. norms how VAT I need to pay to my builder?
As per Govt. norms how much Service Tax I need to pay to my builder?
Please advise.
Thanks,
Venkat.
Q:
*I have finalized a 3BHK flat in Purnima classic which is JV between land owner and the developer in Basapura near Hosa road junction near Concorde Midway city, which is New but its 1 year old flat with built up area of 1719Sft. The apartment society had not been formed yet.
*Builder quoting 3k/sft(negotiable). Which makes it RS.51,57,000 basic cost for just the flat.
*But he is charging additional 2 lakhs for parking,
*Deposits 2,57,850(Rs150XSFT),
*VAT & TAX @8%(Basic cost+Car parking +deposits=4,49,188),
*Registration(1500rs X AREA+ Car Parking X 6.6%=1,78,035)
*So the Total cost of the flat is coming up to
Rs.63,03,115. which is 11,46,115 extra from basic cost of the flat.
Can any one plz advice me on this additional costs and taxes are legitimate? And what are the things I should point out while negotiating with the builder? What are the Usual additional costs and taxes apart from the basic price of the Flat?
Any advice is highly appreciated.
Thank you.
You can talk with the builder and ask for some discount about the car parking and the deposit is he asking it is for maintenance charges, if yes then for how many years. Is the extra rate you are telling includes club house membership and other amenities charges.
Thank you Jignesh
5th September 2013
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