Vat

shashi (Querist) 22 June 2013 This query is : Resolved
Sir, I have purchased a under construction flat in Palghar (Thane, Mumbai)in 8/2012 and paid VAT 1%, as applicable, in May-2013. I want to know whether VAT is exempted under IT Rule and if yes, for which FY can i claim and under which head?

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VARUN MAHAJAN (Expert) 23 June 2013
VAT will not be adjusted under income tax
VAT is related to sales tax

Raj Kumar Makkad (Expert) 26 June 2013
VAT is not part of IT.

shashi (Querist) 26 June 2013
Thanks Sir, But i wanted to know, if VAT will not be adjusted under IT:
(i) an amount already paid as a VAT to the Govt is not my income and only expenditure (tax) then should i deduct the amount of VAT from my income?
(ii) Whether Tax (Income)should be payable on Tax (Value Added) i.e. double tax payment Tax on Tax?
(iii) How can i save VAT amount, pl suggest.

VARUN MAHAJAN (Expert) 27 June 2013
vat or any other tax other than income tax in shape of TDS or Advance Tax as such can be adjusted under income tax.

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