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Status of Service Tax liability, Service Tax |
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Status of Service Tax liability |
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Hello experts, Thanks in advance. May I know the legal status in the given transaction. Here is a transaction such that, an agreement was entered between promoter/builder and prospective buyer for sale of flat on completion of construction of residential complex. Now, at the stage when only foundation and compound walls have been constructed leaving the rest of the majority work incomplete, the promoter/builder has transferred the agreement to execute the contract to another promoter/buyer. In this scenario, what would be the status of service tax liability on the new promoter/buyer? N S SANDHYA Advocate, Bangalore Posts / Replies Showing Replies 1 to 2 of 2 Records Page: 1
If new promoter receives advance from the buyer, service tax liability would arise. If no advance received before completion of service by new builder, no liability in his hand
The original (old) builder has to first discharge his duty liability for all payments and advances received till date and thereafter the new promoter shall be liable. Page: 1 Old Query - New Comments are closed. |
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