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No Additional Burden On Home-buyers Under Gst, Landlords Stay Exempt - Best Time To Buy Property
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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. Rental income received from residential house is exempt.
Will ready-to-move-in homes cost more?
The option of getting full input set-off credit that developers enjoy on under-construction projects would not be applicable on ready-to-move-in flats. This could effectively mean higher costs for home-buyers of ready-to-move-in flats, say developers. While developers might still get some benefits for projects that are in nascent stages, they will have to bear the tax burden for the ready-to-move-in projects since they are kept out of the GST ambit.
Meanwhile, the government has told developers to pass on any benefits that they may avail under the new tax regime to the home-buyers. The builders are expected to pass on the benefits of lower tax burden under the GST regime to the buyers of property by way of reduced prices/installments. It is advised to all builders/construction companies that in the flats under construction, they should not ask customers to pay a higher tax rate on installments to be received after imposition of GST.
This is good news for anyone thinking of buying a new home.
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Your search leads to Greater Noida villas. Where connectivity reaches out to bring the Capital and NCR closer. Greens bloom and Pollution stays away. A planned sub city of ample spaces that allows a life you choose. And then settle yourself in a luxury villa in Greater NOIDA. Nestling here, at THE HEMISPHERE, choose a life embedded in haute living even as you ensconce yourself in the greens. Amongst all the villas in Greater NOIDA, it’s centrally located and well connected to offices, children’s education, dining, partying holes & entertainment hubs of Delhi-NCR by the Metro, Road and Air. The 100 acres golf residence villas project property offers a 9-hole golf course in its span. Amidst expanses of greenery. And an embedded green construction that allows you to revel & celebrate a sustainable life. All that you can think of in terms of facilities are at a short distance in these golf residence villas. And also something you wish – crème de la crème community – wedded to a golfing high-living!
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