Sale of house
This query is : Resolved
14 November 2015
Hi sir,
As we know that when a contractor builds a building then VAT is imposed ie he charges VAT from contractee (sale under works contract) and the contractee deducts WCT from the total amount of bill and makes balance payment to contractor...
I want to ask that as per VAT act works contract means "contract for carrying out for cash any construction etc" so I want to ask that construction here means building?..
I mean for eg if today I get my house constructed and I sale it then will I charge VAT from the person who purchases it?
Or the person who constructed my house will charge VAT from me?..
It will be very helpful on your part if you can help me with the same..
14 November 2015
VAT is applicable only on sale under works contract. No VAT applicable if you sell the house to another person. VAT is applicable only under construction stage.
14 November 2015
Sir so finally if I have a vacant land and i construct a house on it.... Then sale it to another person.... Then no VAT will be applicable when i sale it to other person?
But VAT will be charged in the bill of person who constructed my house...?
15 November 2015
Yes you are right........
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Filing d ITR by registered legal heir
- Tax implications of gift to maternal uncle
- Closure of a PVT LTD company
- 26QB correction - no data available error for fully consumed/processed with default
- ROC filings for the first year of incorporation
- Real estate business by a partnership firm where both of the partners are SC/ST
- When I Login E-invoice portal with waybill user id and pw, it is showing 3011 error data
- Short term capital gain Section 87A
- TDS on Purchase of Immovable Property in case of Co Owner
- Refund of excess TDS on rent payments
- Unable to convert User role from Registered user to Business user on MCA V3 portal
- Please help with SAC Codes (6 digits) for below mentioned services provided by Chartered Accountant
- Need to send letter to GST dept. For claimed missed ITC
- PRINTING PRESS UNDER COMPOSITION SCHEME
- 140-A TAX WRONGLY PAID PAN NO
- CSR funding for private limited companies
- SAC codes for Chartered Accountant
- Professional tax deduction monthly
- Cross charges verses Isd methof
- Refund Application in RFD 01 for Export without payment of tax
CAclubindia
