Clarification on imposition of VAT on underconstruction property
20-Mar-2023 (In Property Law)
Dear Sir, I booked an under construction 2 bhk 1280 sq feet apartment in Bangalore in September 2015. The agreement was signed in Sept. The total price of the apartment as told to us was 75 lakhs plus property taxes and agreement cost. We paid two installments at the time of signing agreement. Now while paying the next installment in 2017 we are asked to pay VAT of 14.5 % along with the installment. With VAT my cost of apartment becomes 85 lakhs plus registration fees. Could you please advise if VAT and Service tax is applicable in our case. Our agreement was signed in Sept 2015.
VAT has to be paid by the builder for different categories for a project under construction. If there is no agreement sharing VAT along with the builder you can seek clarification from the builder. Feel comfortable to contact me along with documents and Agreement at your hand for further clarification.
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Property lawyers for your specific legal issue
No Comments! Be the first one to comment.
- Legal Documentation for Claiming Ancestral Property Share Without Disp
- Agriculture land and house property are two separate entities or singl
- Grandfathers property sold out by the grand daughters.
- Gift deed from mother to son but paid in cash the property value
- Cancellation of registered agreement to sell
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."