Vat on flat purchase
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 September 2013
we have made payment to builder for under construction flat from the yr.10-11,11-12.
the agreement was executed and registered after occupation certificate in the yr. 2013. the details of advances are mentioned in the agreement. whether i will be liable to pay vat and service tax since i have entered and registered agreement after occupation certificate.
the agreement was executed and registered after occupation certificate in the yr. 2013. the details of advances are mentioned in the agreement. whether i will be liable to pay vat and service tax since i have entered and registered agreement after occupation certificate.
03 September 2013
As you entered into an agreement during the construction of the flat you have bought,and also paid some advances, you are liable to pay both VAT and ST on the construction cost of the property. Your builder should be registered under VAT Act and ST Act and filing returns regularly. The construction cost has to be calculated by deducting 30-40% of the total cost towards land cost,and the charges made for various amenities like swimming pool,gym,club house,park,playground etc
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