Vat & service tax on purchase of new flat
This query is : Resolved
26 October 2015
I am purchasing one flat at Mumbai, I have paid some advances against purchase of flat but Registration is still pending.
The builder has obtained OC during Jan, 15, (advances were paid before OC & after OC).
The members of the building had already formed the C H S. I have also contributed the membership contribution of the society.
Now we are entering into agreement, whether Vat & Service Tax is applicable in my case as agreement is being executed after obtaining OC & formation of CHS.
I solicite your expert opinion to enable me to proceed further.
The builder has obtained OC during Jan, 15, (advances were paid before OC & after OC).
The members of the building had already formed the C H S. I have also contributed the membership contribution of the society.
Now we are entering into agreement, whether Vat & Service Tax is applicable in my case as agreement is being executed after obtaining OC & formation of CHS.
I solicite your expert opinion to enable me to proceed further.
26 October 2015
As you have paid advance before OC you are liable for service tax and vat.
26 October 2015
Thank You Sir for your reply but
Can you please elaborate the reason for the same in details. Indeed I will be very grateful to you Sir.
Can you please elaborate the reason for the same in details. Indeed I will be very grateful to you Sir.
26 October 2015
In case where construction agreement is signed vat and service tax payable.
In case of out right purchase after completion certificate no vat and service tax applicable.
In case of out right purchase after completion certificate no vat and service tax applicable.
26 October 2015
No agreement were signed at the time of payment of advances, merely advances were paid by cheques & builder has also shown payment as advances in his a/cs.
26 October 2015
Then in such a case no service tax and vat payable.
26 October 2015
Thank You Sir for your valuable guidance.
Sir can you please provide me any documents on the same so that I can show it to builder & subsequently closed the matter.
I will be very grateful to you.
Sir can you please provide me any documents on the same so that I can show it to builder & subsequently closed the matter.
I will be very grateful to you.
26 October 2015
Search google you will find it. I am not allowed to paste the link here. Still you want it send me private message there I can paste the link.
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
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- NRI starting business in India
- TDS Deducted AY-2013-14 Not Reflected in 26as
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- ADVANCE PAYMENT OF ADVOCATE
- CREDIT NOTES WITHOUT GST
- Condonation . E-Verification of last year return .
- 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
