Advocate Vishwa Raj Singh
Advocate Vishwa provides services in the various field of Tax, GST and drafting and vetting of various agreements and documents.
Advocate Vishwa enrolled with the Bar Council of Uttar Pradesh in 2017. He is a member of the Ghaziabad Bar Association.
Enrollment Number : UP/1959/2017
- Central Administrative Tribunal (CAT) Lucknow
- District Court, Amroha
- District Court, Ghaziabad
- District Court, Hapur
- District Court, Surajpur Greater Noida
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Questions Answered by Advocate Vishwa Raj Singh
Q: What was the rate of service tax & vat on property in 2016
I bought a flat with a circle rate of 5464000/- A payment of Rupess 1300000/- was given to the builder by cheque in febuary 2016 against the same property. Builder is demanding service tax and vat on 1300000/- What was the rate of service tax & vat in 2016 and what would be the amount of tax shall i need to pay on 1300000/- ?
Advocate Vishwa Raj Singh answered
Service tax and VAT are applicable, only on properties that are booked at under-construction stages. So, both these taxes cannot be levied on properties that are purchased, after the builder has obtained its completion certificate. Similarly, there is no service tax or VAT for completed properties that are purchased under resale.The law allows you to opt for 30% of the value of the agreement as the service component, and pay the service tax on that portion. Hence, the levy of service tax effectively comes to 4.50% (i.e., 30% of 15%) of the agreement value. In addition to the cost of construction, service tax is also applicable on the entire value of other services, such as the provision of the garage, premium for higher floors, etc.Since VAT is a state subject, various states have their own laws for levying VAT. To overcome the difficulty in ascertaining the exact cost of materials in the agreement amount, states like Maharashtra provide for the payment of VAT on the entire value of the agreement, under a ‘composition scheme’. In Maharashtra, the rate of VAT under this composition scheme, is 1% of the total agreement value.
Q: Circle rate of property exceed 105% of consideration received
Sir, As per 3rd Proviso to Sec.50 C, Income Tax Act,1961 ---"Provided also that where the value adopted or assessed or assessable by the stamp valuation authority does not exceed one hundred and five per cent of the consideration received or accruing as a result of the transfer, the consideration so received or accruing as a result of the transfer shall, for the purposes of section 48, be deemed to be the full value of the consideration." Query- If circle rate of property exceeds 105 % of Consideration received , then which rate will be Full Value Consideration. pLS TELL??? 2) Also, pls explain this proviso as I can;t understand it? Thanks..
Advocate Vishwa Raj Singh answered
This proviso has been added to the Income Tax Act 1961 by the Finance Act 2018 (budget 2018) and shall be applicable from Assessment Year 2019-20. UNDERSTANDING THE SECTIONWe shall first understand the section via an example. A sells a Property for a Consideration of Rs. 100 and the value assessed by the authority is Rs 105 in this case the full value of consideration will remain Rs. 100. Earlier, before the introduction of this proviso, the full value of consideration would have been Rs. 105, as assessed by the stamp valuation authority, as it is more than the consideration for which A has sold the property for. This Proviso has been introduced because of the practical hardship faced by people because a difference of 5 percent in actual consideration and assessed value by the authority is a very menial variation. It is generally pointed out that this variation can occur in respect of similar properties in the same area because of a variety of factors, including shape of the plot or location. In order to minimize hardship in case of genuine transactions in the real estate sector, it is proposed to provide that no adjustments shall be made in a case where the variation between stamp duty value and the sale consideration is not more than five percent of the sale consideration. Hence in such cases for the purposes of section 48 the consideration actually received shall be taken as full value of consideration and not what is assessed by the authority.
Frequently Asked Questions about Advocate Vishwa Raj Singh
Can Advocate Vishwa Raj Singh represent me in court?
Yes, Advocate Vishwa Raj Singh can represent you in court. The lawyer is trained to present your case in the most effective way possible.
What should I bring to my initial consultation with Advocate Vishwa Raj Singh?
When you meet with Advocate Vishwa Raj Singh for an initial consultation, it is important to bring any relevant documents or information with you. This may include documents related to your legal issue, such as contracts or court orders, as well as any other relevant information, such as a list of questions or concerns you have about your case.
How do I prepare for my initial consultation with Advocate Vishwa Raj Singh?
Before your initial consultation with Advocate Vishwa Raj Singh, it can be helpful to think about the specific legal issue you are facing and any questions or concerns you have about your case. You should also gather any relevant documents or information that you think may be helpful in understanding your situation.
What should I expect during my initial consultation with Advocate Vishwa Raj Singh?
During your initial consultation with Advocate Vishwa Raj Singh, you can expect to discuss the specific legal issue you are facing and the details of your situation. Lawyer will ask you questions to get a better understanding of your case and will provide you with information about your legal options and any potential outcomes.
How do I communicate with Advocate Vishwa Raj Singh?
It is important to communicate with Advocate Vishwa Raj Singh regularly to stay updated on the progress of your case and to discuss any new developments or concerns you may have. You can communicate with the lawyer through phone calls, emails, or in-person meetings.
How much does it cost to hire Advocate Vishwa Raj Singh?
The cost of hiring Advocate Vishwa Raj Singh can vary widely. Some lawyers charge hourly rates, while others charge a flat fee for their services. Some also offer free initial consultations to discuss your case. Kindly contact the lawyer directly to enquire about the fee.