In a significant change in taxation of transactions for sale of property before construction is completed, the Finance Bill 2010 proposes to levy service tax deeming such transactions as services . Service tax already applies on services provided by a construction company to a developer, whether the property is for commercial use or residential use (however, there are some exclusions: Residential construction less than 12 dwelling units is not liable). By way of an explanation, this is proposed to be extended to cover transactions between the builder (read developer) and buyer of the property or a unit in the property. The …

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