26 February 2008
the company has constructed one building consisting of 4 floors .total flats =6*4 comes to 24 flats. first downpayment is RS.1,00,000. within 30 days of allotment one has to pay 25% 2ND INSTALLMENT is 15% due on at the completion of basement roof 3rd INSTALLMENT is 10% due on at the completion of roof slab 4th INSTALLMENT is 20% due on completion of brick work 5th INSTALLMENT is 15% due on at the completion of plastering is service tax leviable on the sale of 24 flats? if yes what is the procedure? 6th INSTALLMENT is 10% due on at the completion of flooring
28 February 2008
service tax is not levied on sale of flat. service tax leviable only if company has taken construction contract from others and company is not selling flat. in this case as per my opinion company is construct flat on owned land and after construction company is selling flat. in this company is not providing any service.
CAclubindia
