I had a question about VAT and Service tax liability for the landlords in a Joint Development agreement with a developer. Once the flats are delivered to the landowner, if the landlord sells any flat (complete and ready to move), what VAT and Service Tax liability does the landowner have?
Ex: Total Land Value 50 L, 2 Flats (same size etc.). If the landlord sells one flat at 30L (base price), what would be the taxes? Assume that the Undivided share (land) for this flat is worth 10L