Sale of building

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I own a land in Mumbai on which i have constructed a commercial property ( Not Flats ) ...The construction is still going on...

All the work is done by me only...Like all purchases were done in my name only....
 

Now due to financial crunch , i want to sell whole land and under constructed building .....

 

How will the treatment of VAT/Service tax .....Is vat applicable if yes can i take the Set off of vat i paid...?????

Replies (3)

VAT will not be applicable since you are not a dealer in sale of building.

 

Instead capital gains would be attracted depending upon the period of holding of the capital asset.

 

OK....

   I agree with Harshal......MJK

54(k) purchases mad o o afte 1s Apri 200 b  hotelier, which  are treated by himas capital asset an which do no pertain to th supply by  wa of o a par ofservic o i an othe manner whatsoever o goods,  bein foo o an other  article   fo human consumption or an drink  (whether or no intoxicating) where such supply or servic is mad or given  for cash deferred payment or other valuable consideration.]

 

 

This is what Rule says....which clearly says i can not take set off of VAT paid on Raw materials.....


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