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Service tax on sale of flat

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 February 2014 Dear Sir,

We are into construction business, we had received advance of Rs. 31 lacs before June 30, 2010 (so no service tax chargeable on 31 Lacs) and Rs. 6 Lacs received after June 30 2010 (so service tax applicable).

The agreement is registered on August 1, 2012, and as on date the outstanding amount is Rs. 33.81 Lacs.

During this, we received the Occupation Certificate on July 5, 2012.

My question is whether service tax will be applicable on balance 33.81 Lacs or not as the Agreement been executed after receiving the OC.
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CA Galib Mirza

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CA Galib Mirza (Expert)
07 February 2014 As you have made booking prior to completion of of building you have to pay service tax on the taxable contract value and not on the balance amount.
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