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.
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