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What will be the tax imposition on resale of flat after GST
23-Aug-2023 (In Property Law)
Hello Experts, My flat is in maharashtra state. I want to sell that flat. I want to know which all taxes will be applicable on agreement value after GST.(Like Stamp duty,registration fees etc..) ?
The benefits of investing in under-construction properties will outweigh the benefits of investing in ready-to-move-in homes under the new Goods and Services Tax (GST) regime. The actual GST rate on under-construction properties is 18 per cent. However, the effective tax on such properties would be 12 per cent as under the new regime developers will be allowed input tax credits.
Landlords, too, have nothing to worry about GST on rent. Those who are earning a rental income by letting out their properties for residential use will not be taxed under the GST. However, those who have given their premises on rent to be used for commercial or industrial purposes will have to pay an 18 per cent tax in case they are earning over Rs 20 lakh annually.
Landlords, too, have nothing to worry about GST on rent. Those who are earning a rental income by letting out their properties for residential use will not be taxed under the GST. However, those who have given their premises on rent to be used for commercial or industrial purposes will have to pay an 18 per cent tax in case they are earning over Rs 20 lakh annually.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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Dear Querist,
if your building in which your flat is situated is having an occupation certificate then the charges applicable would be stamp duty and registration charges on the deed of transfer/ agreement for sale. But as a normal practice it is always for the purchaser to pay the stamp duty and registration charges.
As per the agreement between your purchaser, if your flat is situated in the society, then the society transfer charges would be payable equally between the two of you
if your building in which your flat is situated is having an occupation certificate then the charges applicable would be stamp duty and registration charges on the deed of transfer/ agreement for sale. But as a normal practice it is always for the purchaser to pay the stamp duty and registration charges.
As per the agreement between your purchaser, if your flat is situated in the society, then the society transfer charges would be payable equally between the two of you
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Adv. Jitendra Ahuja
Mumbai | 100+ Answers
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