Hi, My property Cost is 55l Inclusive all.The split up is as below 3300000/- - UDS agreement 1300000/-- Construction Agreement 900000/- -- GST+Stamp duty+Registration+ One year Maintenance. I have got a bank loan sanctioned on the above 2 agreements, Now its the time to make a sale deed and the Builder is Registering the UDS agreement only for Sales Deed mentioning as 1200000/- (self funded) + 2100000/- ( Bank loan) I am going for a 3000000/- ( Bank Loan) and 2500000/-( self funds) Is this a valid way ?? thanks Vaibhav W
Only the deed of sale or gareement for dsale is reuiredto be registered .
The buyer of a proeprty need not for registration of other agreements, if any.
Form your query the nature of agreement as mentioned by you is not clear and hence I cannot say for sure which one of these 3 is required to be registered.
Make one sale agreement and then register it.
Another alternative is to make a deed of conveyance ad get is registered.
your sale deed should mention that GST of X amount would be payable
2) also mention the one year maintenance to be collected
3)also mention the construction cost collected from you
when bank loan itself is Rs.30 Lakhs, how can the builder show it as Rs.21 Lakhs in the sale deed. It must show the full bank loan amount.
Yes only the UDS cost is shown as the construction cost need not be shown in the sale deed as this is the builders input cost for construction of the flat. However Schedule 'C' in the sale deed will show the Unit No, UDS and SBA of the flat along with car park in the said building.
The value to be shown in the sale deed must be on the Government guideline value and not less. If the amount of Rs.32 Lakhs is being shown and this is the guideline value, then the balance of 23 Lakhs being paid by you towards the total cost must be paid to the builder in cash (as black component) which under the changed circumstances would be a big risk and virtually impossible.
So convince the builder to do the registration of the property for the market value which is Rs.55 Lakhs only.
hi, In case of GST (12%) is it applicable on the (UDS+Construction cost value-46L) or only on UDS agreement value which is 33L and which is same sales deed- which will e getting registered?.. Builder has charged on 46L in the cost breakup
GST on under construction flats is at 12 per cent . builder has correctly charged you GST
Make sure that the following clauses are there in the sale deed:
That GST will be payable to the tune of Rs. ___
That the cost of construction is collected from you
The builder has rightly charged you a GST of 12% as per the law of the land.
GST of 12% is applicable on cost of construction and not on UDS as per break up provided by the builder. If builder is providing amenities GST is applicable even on those.
There is nothing wrong in financing the purchase of the immovable property in a legal manner.
You can meet the expenses for this purchase by your own means besides bank loan, there is no legal infirmity in it.
The Goods and Services Tax (GST) rate of 12 percent will be applicable on under-construction properties.
The service tax exemptions to be continued in GST as decided by GST Council include services provided by way of pure labour contracts of construction, erection, commissioning, installation, completion, fitting out, repair, maintenance, renovation, or alteration of a civil structure or any other original works pertaining to the beneficiary-led individual house construction/enhancement under the Housing for All (Urban) Mission/Pradhan Mantri Awas Yojana (PMAY).
The value of land is included in the amount charged from the service recipient.” These will be taxed at 12 percent with full input tax credit.