sam (owner) 25 April 2014
I signed agreement to purchase an office condominuim in november, 2005 on a blue print. The builder issued a sale agreement in March 2006. I sold the unit recently and got my full sale price in February 2014. The builder is asking for VAT now. Can the builder do so now? My understanding is VAT came effective June 2006, and it does not apply to the agreements prior to that.
T. Kalaiselvan, Advocate (Advocate) 26 April 2014
You are absolutely right. For further details consult a local tax consultant apprising him with the prevailing situations on your side for proper opinion and next step in this regard.
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