property tax

[Kiran Patil]

Need to confirm on service tax applicable for the below listed case.

Property is a ready possession premises, agreement executed in Sep 2011, OC received in Feb 2012, Payment through loan done on june 2012.

In such scenario wether service tax is applicable

Agm Value 5005000/- Kindly confirm what amount of Service Tax and VAT is applicable.

Aslo confirm wether there is any penalty on the same as the agreement is of sep 2011.

AI Summary

Service tax applicability on ready possession property hinges on timing of agreement, completion and payment and VAT implications.
Whether service tax arises on transfer of a ready possession property where the agreement predates issuance of occupancy certification and payment occurred later; key issues are the temporal nexus among agreement date, completion/occupancy certification date, and payment date; classification of the transaction as taxable service versus transfer of immovable property; VAT interaction; and potential interest or penalty exposure for delayed compliance.