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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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??
Old Query - New Comments are closed.
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)
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].
Old Query - New Comments are closed.