Results for #vat
Taxes & Duties
#vat#paid#agreement#builder#flat
I have a doubt on the VAT to be paid on an agreement value. My builder is asking me to pay 5% VAT on the agreement value for a flat bought in June 2008. Please suggest as to who is liable to pay the VAT and how much should it ideally be?
I have a doubt on the VAT to be paid on an agreement value. My builder is asking me to pay 5% VAT on the agreement value for a flat bought in June 2008. Please suggest as to who is liable to pay the VAT and how much should it ideally be?
| 
Answered on November 08, 2017
In Maharashtra, VAT on sale of underconstructed property brought into effect from June 2006. Hence, builder would be liable to pay VAT on agreement to sale effected in June 2008. There are various methods for arriving at the taxable value of transfer of property in goods during construction.
Libality to pay VAT by flat buyer to the builder would be dependent on the contractual arrangement betw...
(View more)
Taxes & Duties
#flat#under-construction#property#landlord#builder
I recently purchased a flat which is in an under-construction property. The landlord and builder own half the flats each as per the JDA. The flat I am purchasing is from the landlord. He is not going to pay VAT and ST on this transaction, maybe he will pay capital gains tax. In such a situation, will the new law of cutting 1% TDS be applicable to me?
I recently purchased a flat which is in an under-construction property. The landlord and builder own half the flats each as per the JDA. The flat I am purchasing is from the landlord. He is not going to pay VAT and ST on this transaction, maybe he will pay capital gains tax. In such a situation, will the new law of cutting 1% TDS be applicable to me?
Answered on November 08, 2017
Yes, the provision of section 194IA of the Income Tax Act will be applicable in this case and accordingly if the consideration to be paid is 50 lakhs or above then TDS @ 1% is required to be deducted.
Legal
#property#flat#aware#vat#maharashtra
I bought a property in Badlapur west. The built up area of this flat is 1495 gqft. I am not aware of the recent developments in the service tax and VAT imposed by the Maharashtra state government. Can you advise me about what the amount of the stamp duty and registration would de?
I bought a property in Badlapur west. The built up area of this flat is 1495 gqft. I am not aware of the recent developments in the service tax and VAT imposed by the Maharashtra state government. Can you advise me about what the amount of the stamp duty and registration would de?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
The Service Tax amount and VAT would depend on the market value of the flat/ agreement value and similarly the stamp duty would also depend on the ready reckoner value of the flat at the time of such purchase or the agreement value whichever is higher. Registration Fees is 1% of market value of flat or Rs.30,000/- whichever is lower.
Legal
#flat#pune#builder#certificate#conveyance
I own a flat in Pimpri-Chinchwad, Pune since 2007. My builder has not taken a completion certificate from PCMC corporation neither has he made a conveyance deed to transfer the flat in my name. The building is almost 3 years old now and when I asked my builder to make the conveyance deed he demanded me to pay him VAT. Please help me with a solution of this issue since I feel harassed by it.
I own a flat in Pimpri-Chinchwad, Pune since 2007. My builder has not taken a completion certificate from PCMC corporation neither has he made a conveyance deed to transfer the flat in my name. The building is almost 3 years old now and when I asked my builder to make the conveyance deed he demanded me to pay him VAT. Please help me with a solution of this issue since I feel harassed by it.
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
You can file a suit alongwith the other purchasers of the premises in the buildng for conveyance of the property or apply to the Competent Authority under the amended provisions of the Mahashtra Ownership of Flats Act for deemed conveyance of the property. In so far the demand of VAT made by the developer, the same appears to be time barred and in any event would depend on the terms of your Agr...
(View more)
Taxes & Duties
#flat#paid#registered#agreement#builder
I bought a flat in NOV- 2009 and paid the registered amount. This falls before march 2010. The agreement of sale provided by the builder does not involve any VAT mentioned. Am I still liable to pay the VAT? If yes, how much? The builder has also filed a civil case and is charging 2.17% of the price of the flat from all the owners. What can be done?
I bought a flat in NOV- 2009 and paid the registered amount. This falls before march 2010. The agreement of sale provided by the builder does not involve any VAT mentioned. Am I still liable to pay the VAT? If yes, how much? The builder has also filed a civil case and is charging 2.17% of the price of the flat from all the owners. What can be done?
Answered on November 08, 2017
In Maharashtra, VAT on sale of underconstructed property brought into effect from June 2006. Hence, builder would be liable to pay VAT on agreement to sale effected in Nov 2009. There are various methods for arriving at the taxable value of transfer of property in goods during construction.
Liability to pay VAT by flat buyer to the builder would be dependent on the contractual arrangement betw...
(View more)
Taxes & Duties
#construction#property#mumbai#allotted#builder
If I buy an under construction property in Mumbai which was earlier allotted by the builder to the land owner, through a tripatriate agreement with the land owner and the builder, is VAT payable on this transaction? What would be the GST implications?
If I buy an under construction property in Mumbai which was earlier allotted by the builder to the land owner, through a tripatriate agreement with the land owner and the builder, is VAT payable on this transaction? What would be the GST implications?
Answered on November 08, 2017
VAT would be payable by the builder on flats allotted to land owners. Subsequently when the land owner sells flats to third party, no VAT would be paybable by the land owner on such subsequent sale.
Construction of a complex, building, civil structure etc intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certi... (View more)
Construction of a complex, building, civil structure etc intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certi... (View more)
Taxes & Duties
#ancestral#property#mumbai#co-owner#loan
I want to renovate my ancestral property. This property is in my father's name and is in Mumbai. I want to know the most cost-effective way to become the co-owner of this property and claim income tax deduction for the loan borrowed for renovation?
I want to renovate my ancestral property. This property is in my father's name and is in Mumbai. I want to know the most cost-effective way to become the co-owner of this property and claim income tax deduction for the loan borrowed for renovation?
Answered on November 08, 2017
If the said property is your ancestral property then the same is a property of HUF and you are co-owner to the same.
However, if it is property of your father in his individual capacity then the most cost effective way is to make a gift deed and thereby transfer partial ownership as the gift so received will not taxable under the provisions of the Income Tax Act. The Stamp duty and registr...
(View more)
Architecture & Interiors
#bedroom#bath#appartment#renovation#cabinets
I am doing a complete 2 bedroom 2 bath appartment renovation. My style is contemporary. I'm doing white acrylic cabinets in the kitchen and bath with Carrera quartz counters and backsplash, white large 3d tiles in the baths with a matte taupe floor tile throughout the whole appartment. my problem is with the metal finishes. I don't want matchy matchy. I want the lighting, handles, bathroom fixtures to coordinate. What metal finishes go together?
I am doing a complete 2 bedroom 2 bath appartment renovation. My style is contemporary. I'm doing white acrylic cabinets in the kitchen and bath with Carrera quartz counters and backsplash, white large 3d tiles in the baths with a matte taupe floor tile throughout the whole appartment. my problem is with the metal finishes. I don't want matchy matchy. I want the lighting, handles, bathroom fixtures to coordinate. What metal finishes go together?
This question has not been answered
