Aplicbility of s.tax on busines sale/purchase of vacant plot
This query is : Resolved
Sushant Mahajan
(Querist)
21 November 2013
If an assessee is doing the business of buying and selling vacant plots, will service tax provisions be applicable?
CA PARAS BAFNA
(Expert)
21 November 2013
Buying and selling activity of vacant plot of land does not attract service tax.
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Ajay Mishra
(Expert)
21 November 2013
I think it will be covered under Real Estate Agents.
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Sushant Mahajan
(Querist)
21 November 2013
Ajay Sir, the assessee buys plots in its own name and then sells it.....he is not acting as a mediator in the sale.
Sushant Mahajan
(Querist)
21 November 2013
Thank You Paras Sir
Ajay Mishra
(Expert)
21 November 2013
If it is not his regular business, so he is not liable to pay service tax.
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Sushant Mahajan
(Querist)
21 November 2013
Ajay Sir, it is his regular business and he keeps plots as stock in trade in his books. The income is shown in the head Business
Ajay Mishra
(Expert)
21 November 2013
Doesn't matter, property is owned by his name. So not liable.
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