Vat on property purchase in mumbai
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 May 2012
DO I NEED TO PAY VAT ON PROPERTY PURCHASED IN MUMBAI. I HAD PURCHASED THE PROPERTY IN APR 2011 FROM A BUILDER AND IT WAS UNDER CONSTRUCTION. WE HAVE ALREADY PAID THE STAMP DUTY AND REGISTRATION AMOUNT AT THE SAME TIME. WE WOULD BE GETTING THE POSSESSION OF THIS FLAT IN JUL 2012. HOWEVER THE BUILDER IS ASKING US TO PAY THE VAT BEFORE HANDING OVER THE FLAT KEYS. I AM AN NRI AND MY HOME LOAN IS FROM NRE A/C.
CA CS Pawan Jajoo
(Expert)
21 May 2012
According to me Builder should charge VAT under composition scheme on or after execution of sale deed only.
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