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I have booked a under construction flat in central suburbs in Mumbai and registered the agreement. The builder has now demanded that 5% VAT is payable on agreement value or market value, whichever is higher on agreements registered between 20th June 2006 and 31st March, 2010.
Can any one throw some light and authenticate whether this is really payable. what about agreements registered subsequent to 1st April 2010, is VAT chargeable. Regards James G |
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#5 | |
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VAT is payable 1% on the value stamp duty is paid for registration of the property. This is correct for Mumbai and for properties registered after 1st April 2010. Earlier, VAT was proposed 5% against which Mumbai High Court had ordered a stay. Not sure, what the status of the case is now. Check with the sales people and obtain a copy of the high court order. Also see this: Mvat for flats registered before April 2010 |
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#7 | |
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| construction, property, vat |
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