Purchased under construction flat ®istration; not done before GST
24-May-2023 (In Tax Law)
Purchased under construction flat & the payments are being done, but the registration is not done. Can the builder charge vat in the bill for non registration under RERA Can we sell the flat to another buyer - Will there be a loss in respect of the tax (Vat, GST & TDS) part or can we claim this from the buyer In case we are terminating or with drawing from the project will there be loss on tax (Vat, GST & TDS) & the buyer will pay only refund the basic
Understand your query as follow:
1)You have purchased an under-construction flat but for which the registration has not been done as yet. Can the builder charge VAT in the invoice, pending registration under RERA-
Our reply
Yes, the builder can charge Service Tax/ GST pending registration of the project on the invoices
2) You wish to sale the property and wish to understand if the tax portion paid can now be adjusted on sale to new buyer?
Our Reply:
Yes, the tax portion can be adjusted on sale/ transfer to the new buyer. This should be appropriately captured in the agreement and agreed by the builder
1)You have purchased an under-construction flat but for which the registration has not been done as yet. Can the builder charge VAT in the invoice, pending registration under RERA-
Our reply
Yes, the builder can charge Service Tax/ GST pending registration of the project on the invoices
2) You wish to sale the property and wish to understand if the tax portion paid can now be adjusted on sale to new buyer?
Our Reply:
Yes, the tax portion can be adjusted on sale/ transfer to the new buyer. This should be appropriately captured in the agreement and agreed by the builder
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 Tax lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."