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Service Tax on One Time Lease Rent for Under Construction Residential Flat in a Housing Society

Service Tax - Started By: - Pradeep Kumar - Dated:- 15-4-2015 Last Replied Date:- 24-2-2016 - Builder ABC Ltd engaged in real estate business.The company purchased land on lease from Local authority on 99 years lease. The company is developing Residential flats and group Housing Society on the said land and sold these residential flats in open market at following structure Basic Cost price 2000 sq. ft, PLC as applicable. One Time Lease Rent 85 sq.ft. IFMS 25 Sq. ft.Builder is charging 12.36% .....

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