Service tax on under construction property.

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  1. Pradip Mehta

    Pradip Mehta New Member

    I purchased two flats in Worli, Mumbai, under construction and paid 5.5 crores in 2007, which is 95 percent of purchase price.
    This purchase and payments were made in 2007.
    I registered the property in 2016. Since payment was made in 2007, when service tax was not applicable, am I liable to pay service tax, as property was registered in 2016. If I am liable, how is service tax calculated? Is it based on my purchase price or is it based on current market value?
     
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