17 October 2013
Say if a residential complex is being constructed having 18 flats out of which in 14 flats we have had flat booking receipts and other 4 have not been booked. The Construction is completed , now if and when we sell those ready 4 flats would it attract service tax since it was a case of immovable property being sold after being completed".
As far as I have read i came to a conclusion that it would still attract Service Tax since Service Tax is on construction of a residential complex where exemption is given if no flat booking receipts have been taken at all and no flat wise exemption has been prescribed. Please let me know.
Secondly Does Negative list has any impact at all on the exemption being given to residential complexes having less than 12 units. I have concluded that the exemption still continues.
CAclubindia
