Point of taxation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 December 2013 in a development agreement between owner of land and builder, out of 50 flat 20 flats will be retain by the owner of the land as against the cost of land and remaining flats will be sold by the builder.

my query is: what is the point of taxation on the 20 flats which are retain by the land owner and what will be the valuation of these 20 flats?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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22 December 2013 you havent mentioned when the payment is made and when invoice is to be issued.

Querist : Anonymous

Querist : Anonymous (Querist)

22 December 2013 there is no transaction of money and only development agreement is made for all the transactions.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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22 December 2013 Only for agreement no service tax is payable as still service not provided.

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