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Issue ID : 117275
- 0 -

VALUATION OF CONSTRUCTION SERVICE

Date 10 Jun 2021
Replies2 Answers
Views 1631 Views
Asked By

What will be the valuation of Construction Service of area handed over by Developer to Landowner at the time of Completion Certificate or Occupation Certificate??

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- 0
Replied on Jun 11, 2021
1.

Value would be the sale value of any unit in the project closer to the date of JDA less 1/3rd (deemed value of land)

- 0
Replied on Jun 13, 2021
2.

Dear Sh. Naman Ji,

Notification 11/2017 (Rate), creates a deeming provision in respect of the value of the land. In my view, deeming 1/3rd of the value is contrary to the valuation provisions. In most cases, the value of the land exceeds 33.33%. According to the notification, if your supply is INR 100, the supply of service will be 66.67 and the land value will be 33.33%. Such straightjacket approach of the notification is against the valuation provisions.

The same contention was raised in Munjaal Manishbhai Bhatt v Union of India - 2021 (1) TMI 1095 - GUJARAT HIGH COURT [I think its pending before Hon’ble Gujarat HC].

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