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Is VAT applicable on the under-construction property?- Property Hotline
Posted
July 7, 2016
Views
597
July 7, 2016
597
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4:54Now PlayingBe Un Confused
Expert: Samir Kanabar, Partner- Tax and Regulatory Services at EY.
Question: I booked a flat in under construction project in Gurgaon. Earlier he was asking for service tax. Now according to budget in under construction building no service tax has to be paid. Now the builder is asking for VAT. Do I need to pay VAT?
Answer: Yes you need to pay Vat because VAT is applicable for the under construction property. If that property would have been constructed then there was no need to pay VAT. It is not applicable to the constructed property so that’s the advantage of buying a developed property.
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