Vat on property purchase after 2006
Info Seeker
(Querist) 17 October 2012
This query is : Resolved
Dear Sir/Madam,
I would like to know whether there is any law which will be implemented in Property Act to collect VAT from Home buyer from year 2006?
Me and my Builder have done a Bank Guarantee in event of such law being implemented. the builder will take the Bank guarantee as VAT.
I brought this property in 2009.
ajay sethi
(Expert) 17 October 2012
you are liable to pay VAT
ajay sethi
(Expert) 17 October 2012
'5% VAT a burden on home buyers'
Anoop Jaipurkar, TNN Aug 25, 2012, 02.19AM IST
|`VATPUNE: VAT on sale of flats in Maharashtra is applicable since June 20, 2006, when the state government added immovable properties to the Works Contract Act (later merged into VAT) of 1989. Since then the state has been charging flat buyers 5% VAT besides the stamp duty.
This amendment was brought in 2006 based on a Supreme Court judgment in the Raheja Builders Vs Karnataka government case of 2005.
Info Seeker
(Querist) 17 October 2012
Dear Ajayji,
I had heard that the VAT implementation Case is under judgement, I mean its still in court . final decision has not met yet. If you think this is the comment you made are the recent than possible so that i have to pay the VAT.
thanks and regards,
Maddan
ajay sethi
(Expert) 17 October 2012
you have to pay VAT
