Taxability of sale of flat by builder

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  1. Anil Batheja

    Anil Batheja New Member

    Sir I am in construction business. My business is to construct flat and to sale it. Kindly tell me the taxability on sale of flat by receiving the consideration in form of other immovable property of buyer of the flat.
     
  2. Anand Jain

    Anand Jain Member

    The market value of the other immovable property received as consideration would be required to be determined and this would be regarded as the Sale price of your property
     
  3. Harbinder Singh

    Harbinder Singh New Member

    Dear Anil

    If you receive consideration i.e., money whether part or whole before constructing the flat, the same is taxable under Service Taxbut if you are receiving the consideration after constructing the flat the same is taxable under VAT.

    CA Harbinder Singh
    HY & Associates
    9990154255
     
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