Is service tax paid for purchase of under construction property allowed U/S 54 and 54F ALONG WITH THE SALES CONSIDERATION?
PLEASE REPLY ASASP
CA SUKSHAM ARORA (CA) (569 Points)
07 July 2016Is service tax paid for purchase of under construction property allowed U/S 54 and 54F ALONG WITH THE SALES CONSIDERATION?
PLEASE REPLY ASASP
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 07 July 2016
As I understand, it is part of cost of the asset as no input tax credit is being claimed on it.
CA SUKSHAM ARORA
(CA)
(569 Points)
Replied 08 July 2016
so, do u mean that it is allowed u/s 54 and 54f
CA Shailesh Urdhwareshe
(Sr. Partner)
(95 Points)
Replied 08 July 2016
yes, it is part of cost of property and is allowed u/s 54 and 54f