Is sale of immovable property attracts vat?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 August 2013
Builder/contractor pays VAT on purchase of building materials for that they will get input vat credit.such input vat credit will be added to cost of the asset or recovered separately on sale of building from buyer.in what ways they can recover such input vat credit.
27 August 2013
Your question is not properly worded. A builder/contractor has to pay tax on the material consumed in the construction of flats. While making payment of such tax/vat input credit on the purchases of building materials is allowed. Apart from this no tax is payable either on land cost,labour charges,or other amenities provided to the buyers of flats....mjk
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