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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 give 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.
