A builder developing a building on a land provided by land owner. The land owner transferred land to builders for a consideration of 7 crore plus 45% share in flats which r to be developed by builders.what would be the applicability of service tax in this case?can builder avail the option under notification no.26/2012 in this case?and what would be the value on which service tax is payable?
1 Replies
Arpit parakh
(CA Final Student)
(56 Points)
Replied 25 June 2014
Since, the consideration is received for transfer of land, the same will not be covered under the service tax as it is specifically excluded from the definition of service tax.
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