I am told tax rebate can only be taken when house is ready for use or flat when possession is taken
Many in construction industry ( construction of plant and equipment including or excluding design) are not aware of the applicability of service tax as they think of it as works and not service. But this appears to be wrong. can somebody explain?
I am constructing a house on home loan from nationalised bank. The house is under construction. I am paying only the interest now for the 1st installment amount released by the bank. can I get the tax benefit for this interest amount?. When I can get the full tax benefit?
Hi , Would anyone know if the tax on an apartment unit (flat) construction is only on the labour part of the cost of construction and not the material. I see articles on the internet stating that only 1/3 of the construction cost should be subject to service tax but I am not entirely sure of this. So at the rate of 10.3% on a property of 20 lakh rupees, it should be 2000000 x (10.3 / 100) x 1/3 = 69000 rupees approximately.
Is this correct?
Can anyone clarify how will the proposal for service tax on property under construction affect the final price of property? At present the builders are imposing a flat rate of 10.3% on the final cost of the property.
please anybody tell me about IT Exemption on Stamp Duty and Regestration!!! I have paid SD and Reg of 115000/- for New Home which is under construction. Can I show the amount to get tax benefit ?
I want to construct a house. The land is in the name of my father and uncles’s sons. I want to know whether I can avail for home loan and construct my house in this land. Which all documents will be required by banks to sanction me loan ? Kindly suggest the needful.
I have purchased a house which is in construction phase and it will complete in 2010 and now I am paying pre emi. Is pre emi tax exempted or not
I booked a flat, Construction is going on and will get the possesion in jan 2014. I have applied for a loan of 15lakhs and got 6 lakhs disbursed so far. I am paying both interest and principle on the 6 lakhs amount. What tax benefit I can claim in current financial year?
Civil Work for construction of a cement plant is being awarded to an Indian Contractor by a project in Bhutan.