Q:
I have purchased new flat in Oct 2012 in Panvel,Navi Mumbai.I have paid 20% (4Lakh)amount and made 80 (12 lakh) % loan.i confuse about who's will pay service tax and VAT and how much?
Hi,
A builder or developer is also now liable to pay service tax if any payments are made by buyers, before the completion certificate is given. If payments are made after the completion certificate is given, then no service tax is payable. Hence if a property is under construction and you as a buyer pay a booking amount, this is considered payment towards sale consideration before completion certificate is given, and hence you will be liable to pay service tax at the rate of 10.30% of 25% of the sale value i.e. 2.575% of sale value.
Q:
I want to sell new flat which one under home loan with 12 lakh then how much amount will pay to bankers..only pay outstanding principle amount or outstanding amount with interest...
HI,
Yes, you can sell your property which is under mortgage to bank. If buyer also needs a housing loan from bank to buy the property. This process is called SELLER BT. In this case the same bank or the other bank will transfer the amount to the seller. If the buyer has sufficient amount to buy the property then seller can close the loan from this amount but the process is bit complex .... you have to find a buyer who will either take over your loan or pay you up front so that you can get a NOC from the Bank...
Thanks u r reply.
21st August 2014
Hi,
First and foremost you have to identify buyer and then if he agrees you can shift the loan to him.. check process for the same with bank.
Thanks u r reply.
21st August 2014
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