Paid vat
Vaibhav
(Querist) 15 January 2013
This query is : Resolved
Before the decision from high court get finalized on payment of VAT amount by builder on flat, I have paid all amount against the VAT amount raised by my builder for my newly purchased flat.
On this payment, can i get benefit on my salary tax deduction & under which section i should put this amount.
Thanking You in advance.
Raj Kumar Makkad
(Expert) 16 January 2013
Yes. You have every right to claim thereto after obtaining the certificate from the builder as desired.
Vaibhav
(Querist) 16 January 2013
Raj Sir, Thank you very much for your prompt reply. Under which i should claim this amount ? , whether this amount will be treated separately as treated for housing loan interest amount (which is not get considered in your saving/investment of Max. Rs 100000)
Anirudh
(Expert) 19 January 2013
VAT is being paid to the State Govt.
Income Tax is being paid to the Central Govt.
Therefore the question of your claiming any benefit out of the VAT paid by you simply does not arise.
prabhakar singh
(Expert) 19 January 2013
NO YOU CAN NOT GET ANY DEDUCTION FROM SALARY
AS A BENEFIT FOR PAYING VAT TAX.
DID YOU CLAIM ANY FOR SERVICE TAX,YOU MUST HAVE PAID?
ALL IN ALL THE ONLY EFFECT IS THAT VAT PAID SHALL GET ADDED TO ACQUISITION COST OF THE FLAT WHILE COMPUTING CAPITAL GAIN TAX AS AND WHEN SUCH AN OCCASION WOULD ARISE.
