Builders claim of interest on vat
This query is : Resolved
19 August 2012
My flat was registered in the month Sept 2009. At that time builder had not informed me regarding any VAT due in respect of my flat purchase. Latter in June 2012 the builder has advised me that I should keep a FD reciept equivalent to the VAT amount i.e. 5% of the agreement value and mark a lien in favour of the builder for VAT liablity. This has been complied by me. Now the possession of my flat is due and the VAT amount deposited as FD will be encashed by the Builder. I have cleared all other dues but the builder insist that I should pay interst for the VAT amount due right from September 2009 @15% per annum. Builder is refusing to issue any letter in this regard. Now my querry is :- (i) Am I required to pay interest on VAT @15% per annum from the date of registration though the same has claimed by the builder in June 2012? (ii) Whether I am liable to pay VAT amount @ 5% flat of the agreement Value?
(iii)Which are the Govt. agency/forum where I can take up my greviences if I am not liable to pay interest for VAT?
Padmamohan.T
(iii)Which are the Govt. agency/forum where I can take up my greviences if I am not liable to pay interest for VAT?
Padmamohan.T
20 August 2012
flat registered in 2009 and possession in 2012? are you sure about it ?
check the status of vat applicability with your STATE VAT department, ( as you have not mentioned place of flat) whether VAT was applicable on that city or not,
PRO of vat office will surely guide and help you.
check the status of vat applicability with your STATE VAT department, ( as you have not mentioned place of flat) whether VAT was applicable on that city or not,
PRO of vat office will surely guide and help you.
20 August 2012
Is all this transaction mentioned in agreement. If it is mentioned go as per agreement. If its not then there is no need to pay anything.
20 August 2012
Thanks for the comments to my querries. My flat is at Virar, Thane District Maharashtra near Mumbai.
It is correct that the flat is registered in Sept 2009 and ready for possession.The builder is not giving possession he is demanding interest on VAT from the date of registration. The agreement provides for payment of VAT. The builder has claimed the same in June 2012? Then how the builder can ask for interest for the entire period?
It is correct that the flat is registered in Sept 2009 and ready for possession.The builder is not giving possession he is demanding interest on VAT from the date of registration. The agreement provides for payment of VAT. The builder has claimed the same in June 2012? Then how the builder can ask for interest for the entire period?
20 August 2012
Thn payment of interest is not your liability. you can move to consumer forum
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Value of property in capital gain
- FORM 26A APPLICABILITY
- Regarding TDS Applicability For Director Remuneration
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
