15 July 2012
Sir, 3 Brothers have a land in joint name. They make a partnership firm for construction of building on land. On land, 6 shops and 6 resenditial flats have been constructed through capital contribution by partners and term loan from bank(TL was in the joint name of partners). 3 Shops and 3 flats have been sold by the partners individually and rest shops and flats to be sold by the firm. What will be the service tax laibility on the Firm or on the partners individually. Further, Whether the firm will also liable for VAT.
16 July 2012
Sir, On which amount, firm has to pay service tax after 01.07.2012. Further, if the sale is before 01.07.2012, there will be no service tax liability on the firm or partners individually.
16 July 2012
Sir, What will be the liability of service tax on partners on the shops and flats received by them free of cost from the firms before 01.07.2012 or after 07.07.2012.
CAclubindia
