GST on Real Estate: know more about Taxes in 2019

Are you planning to indulge in buying an apartment in Concorde Mayfair Medahalli Bangalore ? Before capitalizing your hard-won riches get the clear idea of the benefits you would avail under existing GST regime. Concorde Mayfair Real estate industry contributing 6%-8% to India’s GDP, is one of the crucial supports of the Indian economy and stands second after IT sector along the lines of employment generation. All investment either residential, commercial or retail are subject to tax under income on the property. Self-occupied, inherited properties, rented property, and various other types of properties that attract tax under income tax regulations. Even the unoccupied and vacant properties are treated as the self-occupied property under the income tax guidelines. Under the GST regulation, construction of civil structures and complex buildings and Housing projects meant for the selling to the home buyers are subjected to be taxed at the rate of 12%. The luxury housing p...