Sir,
I just wanted to know if somebody is dealing in real estate, i.e. basically if the person is colonizer and when they saell plots after developing it, i.e. after providing facilities such as roads, electricity, drainage etc, then in such case is there any sales tax liability over there?
No sales on sale on land (plots)
2 Cases :
case 1 : if the plot is sold after it is completely built by the builder then VAT will not be applicable as NO VAT can be levied on sale of immovable property
case 2 : if the plot is sold before it is completely built then VAT @ 1 % is applicable in Maharashtra
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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