Shop is ready but Builder must have not got The completion certificate from competinent authority.
You can enquire regarding completion certificate.
Or can check and ask builder whether he is genuily paying vat Payment to government treasury
Is VAT is payable on purchase of shop from builder
i purchased a shop from builder recently and he is asking for vat payment but i search on google it said vat is payable on under construction properties. but the shop i bought was already constructed.
Asked 7 years ago in VAT
now if i enter in contract with builder for purchase of shop after applicability of gst, will gst will be applicable? at what rate?(note- the shop is already constructed)
Asked 7 years ago
what about gst ? will gst also be applicable on purchase of shop from builder?
Asked 7 years ago
If your property is fully constructed and has received occupation certificate, then there is no need to pay VAT. If your builder is insisting on payment of VAT, you may ask him the relevant section and clause under which VAT is payable.
can i make the registry of the said shop in my brothers name(major) as a gift . note :- all the payments are made through my bank account. if i can what will be the procedures?
Asked 7 years ago
Hello Sir,
To answer your queries :
1. No VAT is applicable on fully constructed property.
2. No clarification yet so far as GST is concerned.
3. Yes, you can make the agreement in the name of your brother but preferably make a Gift Deed in his name.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Ensure that you enter into a gift deed.
Dear Sir
Please note that real estate is out of the purview of GST as of now.
Please feel free to call/ revert in case of any doubts
Thanks and Regards
Abhishek Dugar
CA CS B.Com
Dear Sir,
You can gift the property to your brother ..There is no issue. Ideally, you should first register the property in your name and then you can gift it to your brother, if there is no extra stamp duty involved.
Dear Sir,
Forgot to answer you first query that If your property is fully constructed and has received occupation certificate, then there is no need to pay VAT
Please feel free to call/ revert in case of any doubts
Thanks and Regards
Abhishek Dugar
CA CS B.Com
Why to wait till Gst make registry now only.
Yes you can make registry in you brother's name. And show him gift.
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