Mvat
Monish Nilwant
(Querist) 07 November 2013
This query is : Resolved
the recent supreme court judgment clears the way to charge VAT to builders ....thts means evry purchaser of flat will have to pay since builders will recover the same from purchasers...i wanted to know at what point of time ( in terms of agreement to sale between builder and purchaser) VAT becomes payable.
I have purchased a flat in Maharashtra...i want to know should i pay VAT to builder only from date of signing of agreement with builder till i receive possession.
agreemebt to sale has been executed between us but there is no sale deed yet....but possession of flat is handed over and i am staying in the flat.....
what should i do ..and how to calculate VAT..?
BAALASUBRAMANNYAMM
(Expert) 08 November 2013
the builder will collect you the Service Tax amount and Vat amount from you, at the time of registration of Sale Deed.
Monish Nilwant
(Querist) 08 November 2013
my confusion is sale deed is not yet executed ...we have formed Coperative Housing society...oksss now since builder has not executed sale deed now by virtue of our status of co-op socity i think flats are already transfered in the name of society on account of :deemed conveyance" by operation of law....
so how can builder charge any tax now....
plz advise me on this count....since property is already transfered by builder on by of deemed conveyance even thught builder has not executed.sale deed....
