01 February 2013
I RESIDE IN THANE (MAHARASHTRA), I AM GOING TO BUY A READY POSSESSION FLAT(I AM FIRST PURCHASER), THE BUILDER IS CHARGING ME VAT AT THE RATE OF 1%, SO I WANT TO KNOW IS THERE VAT LIABILITY ON IMMOVABLE PROPERTY AND AT WHAT RATE AND HOW IT WILL BE CALCULATED ? PLEASE SOLVE THIS QUERY AS SOON AS POSSIBLE.
04 February 2013
On ready flat no VAT tax liability , if booked before completion of flat it will be liable for tax @1% under composition scheme, or as per calculation under regular scheme.
CAclubindia
