30 September 2012
We had bought a home at Miraroad 2 years back.. now the builder is asking us to pay VAT... Is there any VAT applicable for House?????? at what rate??????
as you wrote in your query u have purchased the house 2 years back if u have purchased a ready made flat than u will not have to pay any vat but if u have purchased a under constructed flat from 2006 to 2010 than u have to pay VAT @ 5 % on the amount what u have paid during that period and there is no need to pay any extra amount as VAT on the amount what u have paid before 2006. That’s not all. There could be additional burden due to interest and penalty charges which could increase the liability by another two per cent. and for further assistance you may mail me @ca.shekhar.panwar@gmail.com or can call me also 9899822020
01 October 2012
but why should we pay the VAT???? Its the mistake of a builder that he dint collect VAT 2 years back??? Why shud we pay Interest and Penalty???
CAclubindia
