Tax on sale of immovable property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 December 2014
I have purchased a flat whoes agreement date was 27.01.10 & agreement value was 4.5Cr. before registering I have paid 3.5 Cr & balance 1 Cr paid on 13.08.13. O.C. for the flat is recd on 18.05.2013. At time of purchase & payment no VAT & Service Tax were Paid. Now Builder is asking to pay VAT & Service Tax.
As service Tax on Immovable property came into existence on 01.06.10 & VAT on the same was amended on 01.04.10.
Is Service Tax & VAT payable on above? If yes then on which amount and if interest is payable then from which date interest will be applicable?
As service Tax on Immovable property came into existence on 01.06.10 & VAT on the same was amended on 01.04.10.
Is Service Tax & VAT payable on above? If yes then on which amount and if interest is payable then from which date interest will be applicable?
28 December 2014
Yes additional amount demanded by the builder is correct.
However, if the agreement contains that you have to pay only 4.5 cr, in that case it means that Builder was initially agree to bear the Taxes i.e. consideration also include TAXES. Then it is not correct. You directly approach to Consumer Department.
This transaction comes under the provision of Service tax. for vat you need to refer Respective State VAT law
As Buyer, you don't need to pay either interest on Service Tax or VAT. it is defaulter if builder not you
However, if the agreement contains that you have to pay only 4.5 cr, in that case it means that Builder was initially agree to bear the Taxes i.e. consideration also include TAXES. Then it is not correct. You directly approach to Consumer Department.
This transaction comes under the provision of Service tax. for vat you need to refer Respective State VAT law
As Buyer, you don't need to pay either interest on Service Tax or VAT. it is defaulter if builder not you
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
- Reopen of assessment proceeding
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- Experts need help
- Eway bill generation from place other than registeted
- EPF FULL & FINAL RULES IN 2026
- Management System (IMS)
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Condonation . E-Verification of last year return .
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
