30 November 2013
What would be the tax liability status, while, some flats are lying unsold & completion certificate has been obtained by the builder. Will these flats, as & when sold, attract service tax as the deptt. audit team has raised this objection in one case. Their contention is that the phrase;" any consideration received before obtaining completion certificate will render service taxable", stands for whole of the project & not to every single flat/unit in isolation.
CAclubindia
