What is the rate of tax on sale of a constructed building? How much ITC is available to seller?
Construction of a complex, building, civil structure or a part thereof, intended for sale to a buyer, wholly or partly is taxed at 12% with full Input Credit of Tax. However in case ITC is more than output tax liability refund will not be given.
The value of land is included in the amount charged from the service recipient.
JOIN LARGEST DISCUSSION PLATFORM
Sign up to discuss taxation, accounting and finance topics with experts from all over India.
Join Discussion
