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FAQ: Is VAT applicable on land? - Propety Hotline
Posted
June 2, 2016
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20
June 2, 2016
20
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4:57Now PlayingExpert: Vinay Singh, Legal & Tax Expert
Q: I purchased a flat in Vasai six years ago. They took 1% VAT on it. When did that VAT come to force? I have recently purchased a plot of land. Should I pay VAT on that land?
Answer: You don’t have to pay any VAT on the land as VAT is chargeable on the material hence it comes to play when we talk about a constructed property. If you have bought the flat before 2014, at that time the rates of VAT were high. That has been decreased and consolidated to 1% by the government.
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