Respected Sir / Madam
I am purchasing a flat in MP please let me know that is there VAT applicable on Purchase of
Flat or not
And Secondly as I was in Construction co we were not charging VAT because the Tax imposed by the Govt was challenged in court
Hiii Himanshu,
According to a recent verdict by the Supreme Court, the sale of a property that is under construction would be liable to value-added tax (VAT).
The ruling could have far-reaching ramifications for the real estate industry as well as property buyers. In the case of L&T versus State of Karnataka, the apex court held that the pre-construction agreements for sale of immovable property would qualify as 'works contract' and, therefore, VAT would be payable on the transaction.
Thnq Poonam but what if the flat I am purchasing is completed but its the first registery when i do the same in my name
CAclubindia
