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Under Construction Property Taxed Heavily
Under Construction Property Taxed Heavily

Buying New Home – Heavily Taxed by Government

Buying a Home today is getting more expensive, thanks to the Government various tax slaps on the Home Buyer. While the Ready Possession properties are available with No Additional Taxes, the New Home Buyer, who risks himself for few years has to pay Service Tax of Nearly 4.2%, Vat of 1% in addition to the Stamp Duty of 5% in Mumbai and Rs.30000 as registration fees and a few thousands to get the agreement registered.

On one hand, the Government wants to encourage home buyers to buy properties and the 2022 vision is to provide housing for all. With nearly 11% Taxation on buying a New Home, how does the Government expect people to continue to buy homes.

In the forthcoming Union Budget in 2016, the Government must gives sops to Home Buyers to encourage them to Buy Homes with balanced taxation.

The Government over the years, seems to target easy revenue opportunities and heavily tax items which make easy money for the Government, the example is Petrol and Diesel, Cigarettes, Service Tax on most of the things we do be it getting your Hair Cut or even eating food in a restaurant.

About Sandeep Sadh

Mumbai Property Exchange is promoted by Mr.Sandeep Sadh who has been in the real estate business since the year 1993 and has an experience in transacting in Residential Lease & Sale, Commercial Lease & Sale. The experience of transacting and having a practical approach at work in each segments of real estate has given Mumbai Property Exchange an edge over its competition.

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