Results for #allotted
Taxes & Duties
#flat#allotted#purchase#consideration#paid
I applied for a flat which was allotted three months later, entire purchase consideration was paid by me in instalments. Possession is not yet offered by the developer. I have entered in an agreement to sell, I have received the advance and will receive the balance amount soon. How can I calculate the tax liability on this?
I applied for a flat which was allotted three months later, entire purchase consideration was paid by me in instalments. Possession is not yet offered by the developer. I have entered in an agreement to sell, I have received the advance and will receive the balance amount soon. How can I calculate the tax liability on this?
| 
Answered on November 08, 2017
Tax liability will arise on capital gains arising out of difference between sale consideration and purchase consideration. The said gains will be considered as long term capital gains or short term capital gains based on the period of holding of the property. If the residential flat is held by you for a period more than 24 months than the same will be long term else short term. Indexation needs...
(View more)
Taxes & Duties
#construction#property#mumbai#allotted#builder
If I buy an under construction property in Mumbai which was earlier allotted by the builder to the land owner, through a tripatriate agreement with the land owner and the builder, is VAT payable on this transaction? What would be the GST implications?
If I buy an under construction property in Mumbai which was earlier allotted by the builder to the land owner, through a tripatriate agreement with the land owner and the builder, is VAT payable on this transaction? What would be the GST implications?
Answered on November 08, 2017
VAT would be payable by the builder on flats allotted to land owners. Subsequently when the land owner sells flats to third party, no VAT would be paybable by the land owner on such subsequent sale.
Construction of a complex, building, civil structure etc intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certi... (View more)
Construction of a complex, building, civil structure etc intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certi... (View more)
Legal
#flat#redevelopment#letter#builder#allotted
I purchased a flat which was in a redevelopment project, for which I have an allottment letter from the builder. Before redevelopment, the existing building had 144 flats, and the redeveloped building is supposed to have 450 flats. Apart from the flats which have to be allotted to the existing tenants, the builder has sold about 80-90 flats. Now, he has stopped construction citing lack of funds. In this case, if the society (that owns the land) changes the builder on this project, will I still get the flat I have been allotted?
I purchased a flat which was in a redevelopment project, for which I have an allottment letter from the builder. Before redevelopment, the existing building had 144 flats, and the redeveloped building is supposed to have 450 flats. Apart from the flats which have to be allotted to the existing tenants, the builder has sold about 80-90 flats. Now, he has stopped construction citing lack of funds. In this case, if the society (that owns the land) changes the builder on this project, will I still get the flat I have been allotted?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
As per the law laid down by the Supreme Court, on change of a developer in view of termination of the development rights granted to the old developer, the purchasers from such old developer would not have any claims in respect of the flats against the Society and the New Developer. You can however claim refund of monies with interest from the Old Developer. The above would however be subject to...
(View more)
