I wanted to know the applicability of AS-7 in the following case:
An individual has given his property to a company to develop and build residential flats. In exchange the individual will get 3 flats. So, is AS-7 is applicable on the company. Please help.
I wanted to add here that I have read in the book D.S.Rawat that AS-7 is not applicable on the persons who are builing residential flats for selling them to general public.
18 March 2009
if there is contractor contractee relationship than its applicable.
when the contractor himself is undertaking the project and selling it to public than its not applicable as there is no contractor contractee relationship.
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