Can anybody Explain me the Tax liability on sale of Flats as Builders prospective also from Buyers prospective
2 Replies
Raj Kumar
(Student)
(102 Points)
Replied 07 June 2012
If seller is a builder than its a business income bcoz its a asset held for sale i.e. Stock and 1% vat is also leviable and vat return shall b submittd in form 17
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 13 June 2012
From buyer's perspective it would be a Capital Gain in the hands of buyer on sale of the property & CG tax @ 20% is to be paid on the Capital Gains subject to investments made.
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