Skip to main content

Posts

Showing posts with the label sobhadreamvalley

Tax and GST Benefits for the Home Buyers of Sobha Dream Gardens

Tax and GST Benefits for the home buyers All investment either residential, commercial or retail are subjected to be taxed under income on the property. Properties that are self-occupied, rented property, inherited properties and various other types of properties attract tax under income tax regulations. Even the vacant or un-occupied property is treated as the self-occupied property under the income tax guidelines.  Real estate sector is already subjected to Service tax and VAT (Value Added Tax) along with the recently added GST (Goods and Services Tax). Under the GST regulation, construction of civil structures and complex buildings is subjected to 12% tax. Housing projects which are meant for the selling to the home buyers are also subjected to 12% tax. The luxury housing property is exposed up to 12% of GST. GST rates have been collected on the renting the home. The affordable housing projects are exempted from the GST. If the project has received Occupancy Certificate (O