Service tax on sale of Flat and Shop for the year 2015-2016

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This discussion explores the service tax implications for a Pvt Ltd company that received advance payments and subsequently sold flats and shops during the 2015-2016 financial year. Key questions revolve around whether these transactions are considered 'sale of service' or 'sale of goods', and how service tax should be applied. The company's nature of business is real estate, with flats and shops shown under work-in-progress and turnover reported as business income under 'Sale of Services' in their Income Tax Return.

Krishna Joshi

Krishna Joshi (Querist)

13 April 2021 A Pvt Ltd Company received advance for sale of flat and shop for the fy 2015-2016. In this Fy the company sold flat and shop .
1. is it considered under service ?
2. if it is considered under service than how should the tax implied on it?
3. Is sale of flat is '' Sale of service '' or '' Sale of goods ''?

Pooja Yagnik

Pooja Yagnik (Expert)

14 April 2021 Please share nature of Business of Pvt. Ltd . feel free to connect on pooja.yagnik@gmail.com with full details.

Krishna Joshi

Krishna Joshi (Querist)

15 April 2021 IN INCOME TAX RETURN THE NATURE OF BUSINESS ACTIVITIES SHOWN FOR FY 2015-2016 IS OTHER SECTOR CODE 1001

Pooja Yagnik

Pooja Yagnik (Expert)

15 April 2021 brief of actual Business activities are required. Can't comment on just random things.

Krishna Joshi

Krishna Joshi (Querist)

16 April 2021 Nature of business activities is real estate.

Pooja Yagnik

Pooja Yagnik (Expert)

17 April 2021 Turnover of Flat and Shop is shown under business income in ITR? Was Flat and Shop was part of Stock ?

Krishna Joshi

Krishna Joshi (Querist)

19 April 2021 Yes Turnover Shown in ITR as business income (Under PART -A P& L , Sale of Services).
Flat and Shop was shown under WIP.
Can I mail you ITR Copy.

Pooja Yagnik

Pooja Yagnik (Expert)

19 April 2021 yes please and full ledger of Of Sales .

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