Taxes on purchase of property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 April 2014
I have purchase a flat in indore Madhya Pradesh a sum Rs 2500000 and registration valve of the property is rs 2650000.
we have paid rs 1500000 in May 2012 and balance Rs 1000000 was paid in March 2014. Property has been register on 31st March 2014.
we want to know applicablity of VAT tax , Service Tax and Capital Gain on such property.
kindly provide me a best suggestion.
Thanks & regards
we have paid rs 1500000 in May 2012 and balance Rs 1000000 was paid in March 2014. Property has been register on 31st March 2014.
we want to know applicablity of VAT tax , Service Tax and Capital Gain on such property.
kindly provide me a best suggestion.
Thanks & regards
08 April 2014
on purchase there is no capital gain but u need to deduct tds u/s 194-IA and remit it to govt in form 26QB.
Nikhil Kaushik
(Expert)
08 April 2014
Tushar, 194-IA wont apply as the property value is less than Rs 50 lakhs.
service tax wont apply for a completed property.
with regards to VAT, that is for the builder to charge, so why do you worry. subsequent sale wont attract vat.
service tax wont apply for a completed property.
with regards to VAT, that is for the builder to charge, so why do you worry. subsequent sale wont attract vat.
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