Latest Expert Exchange Queries
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: articles on VAT and GST in India :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: VAT RATES :: ACCOUNTING STANDARD :: cpt :: VAT Audit :: list of goods taxed at 4% :: empanelment :: 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% :: due date for vat payment :: form 3cd
 
 
VAT (Value Added Tax) »
 Amendments in the second Schedule received from Finance Deptt.
 VAT exemption stays in tax reform bill
 Income Tax Appellate Tribunal Bangalore Banches Bangalore 'A' Bench DB Case Causelist for The Week from 22-05-2017 To 25-05-2017
 Amendments in Second schedule appended to Delhi Value Added Tax Act, 2004
 Haryana govt exempts solar devices from VAT net
 Court rules out VAT on Paradise equity transfer
 VAT gone but riddle of derivatives traded on commodity exchanges lives on
 Rule 2(L) Of Cenvat Credit Rules, 2004 Amended
 Haryana govt exempts solar equipment from VAT
 AP to push for same benefits under GST for VAT exempted goods
 Andhra Pradesh to push for same benefits under GST for VAT exempted goods

Flats to get costlier as HC upholds VAT on sale of flats
April, 12th 2012

Property prices in the city are likely to rise after the Bombay high court on Tuesday upheld the constitutional validity of an amendment in the Maharashtra Value Added Tax (MVAT) Act of 2002, which imposes VAT on newly constructed properties. A division bench of justice DY Chandrachud

 
and justice SK Sankalecha dismissed a petition filed by the Maharashtra Chamber of Housing Industries (MCHI) and a bunch of petitions filed by various builders.
MCHI and other builders had challenged the constitutional validity of the 2006 amendment by which the term sale of goods had been broadened to bring construction activities under the purview of the legislation.

Developers had to pay 1% of total sale price of the flat or 5% of the value of goods transferred (value of the property minus the land price and some other deductible components).

MCHI counsel Milind Sathe argued that imposing VAT on transfer of immovable property such as flats was beyond the competence of the state legislature and it could not expand the definition of the term sale, since contract for sale of an immovable property was not a works contract. According to the lawyer, works contract comprised supply of material and goods or labour and service.

Referring to the provisions of the Maharashtra Ownership of Flats Act (MOFA), the judges said the agreement for sale executed under the act was a conveyance, as it conveys right, title and interest in the flat to the purchaser. Therefore it was not possible to accept that the contract involving sale of a flat under MOFA was not a works contract.
[ad}

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

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