Land Exemption Under ( Civil Works Contract)Composition Scheme Karnataka VAT Act 2003

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  1. Vinayak_more

    Vinayak_more New Member

    Greetings!!!!!!
    I want to Know that whether Land Consideration will Attract Composition Tax on Sale of Under construction Flat with Undivided share of Land Under Composition Scheme of Karnataka VAT Act

    Note: The Builder And Landlord have made Joint Development Agreement

    I want to know that tax is levied on Whole Consideration Amount @ rate of 4% or after the land exemption or only on Construction Cost Under Joint Development Agreement

    Please Give Opinion

    Thanking You.

    VINAYAK
     
    Vinayak_more, Jul 1, 2016
    #1
  2. ZED

    ZED Well-Known Member

    Sir, VAT Act differs from state to state. For absolutely accurate answer I suggest you kindly discuss the matter with CA or other tax professional in your locality.

    [Generally in composition scheme, the rate is much lower and the ENTIRE consideration is chargeable to tax.]
     
    ZED, Jul 1, 2016
    #2
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