Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT Audit :: empanelment :: cpt :: form 3cd :: VAT RATES :: due date for vat payment :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: TDS :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4%
 
 
VAT (Value Added Tax) »
 Cenvat Credit Rules, 2017 III Part
 VAT phased out in TS
 Cenvat Credit Rules, 2017 II Part
 Cenvat Credit Rules, 2017 – Part I
 How much do you know about VAT as a taxpayer?
 New tax structure not higher than VAT
 Cos will be reimbursed for exemptions that currently exist in the VAT regime
 GST will get states more than VAT
 Is it a modified Value Added Tax?
 GST regime: VAT Commissioner and CBEC to work with businesses
 Amendments in the Second Schedule appended to the Act (Delhi Value Added Tax Act, 2004)

Mhada flats do not attract VAT: Tax, legal experts
October, 30th 2012

Buyers who purchased under-construction Mhada flats in the past six years may not have to pay the value added tax (VAT).

Legal and tax consultants have told Mhada that its projects do not attract VAT. The reason: Unlike in private transactions, Mhada does not enter into any sale agreement with its buyers. Mhada issues allotment letter to buyers after it has received the entire flat cost in maximum three installments.

The law states that builders will have to pay a 5% VAT on sale of properties between 2006 and 2010. The VAT post 2010 will be 1% of the cost of the property.

"In private transactions, a developer enters into an agreement to sale with the buyer after receiving a certain amount of the total flat cost of the under-construction flat. A sale deed is registered after the full flat cost is paid," said a Mhada official.

Mhada, however, is still playing cautious. "Though we are firm in our view and believe our buyers, majority from the middle class, should not be taxed. The sales tax department has not sent any notice to us for VAT payment," the official added.

"We are focusing on private developers. We do, however, believe Mhada and Cidco will have to pay VAT," said a tax official. Tanaji Satre, Cidco vice-chairman, said prima facie he believes VAT is not applicable on them, but he has to check.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions