Purchase of flat without any GST involving a bi-party agreement

I am buying a flat from a landowner share and the owner is telling me that I don't have to pay any GST or Service tax on the purchase. Is this correct? Also, the agreement will be a bi-party one between the owner and me without any builder involvement. What legal implications or drawbacks should I consider with such a deal? The property is around 99% complete and should be ready to move in in another 2 months. Completion and OC certificate is pending.

Answers (1)

104 votes

Purchase of flat required GST rate12% ,bi-party agreement can be done , but it is not a sale deed. In purchase GST 12% applicable. In future other taxes like stamp duty etc. may be levied as per government planning.

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