Dear All,
Good Day!!
Kindly if any of you can throw show some light on the following query w.r.t Laws prevailing in Chennai, Tamilnadu?
Landlord "Mr. A" enters a Joint Development agreement with his own company "M/s. ABC P Ltd." for developing land and constructing residential complexes with following conditions:
1) M/s. ABC P Ltd to develop, construct and market the "Villas"
2) Mr. A to get 30% of the Total Sale value for the Land provided.
3) Land is apportioned into various plots for construction and sales.
4) M/s. ABC starts developing Land, and in the course of construction books One flat for a customer "Mr. C" and received advance payments on various dates (say), viz.:
(a) On 20-Apr-13: Rs. 2,00,000/-
(b) On 20-May-13: Rs. 2,00,000/-
(c) On 20-Jun-13: Rs. 2,00,000/-
(d) On 20-Jul-13: Rs. 2,00,000/-
(e) On 20-Aug-13: Rs. 2,00,000/-
4) Also, note the Plot has been registered in the name of Mr. C on 30-Apr-13 for a Registered Valuation of Rs. 2,00,000/-
5) Question: What will be the service tax liability for various instalments received,
a) If the Plots are inside a gated community ?
b) If the various Plots under construction are adjacent plots but not inside a gated community, and will not have any common area to be shared by the Plot owners ?
c) If the Vilas are sold after obtaining completion certificate, with no advance received earlier?
d) If the vilas are handed over to Landlord as consideration instead of 30% share?
Thanks in advance for your replies and answers...
CAclubindia
