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mRs francis   10 July 2016

Mvat clarity

 I have purchased a flat in Mumbai in Oct 2010 . Got the same registered in Nove 2014. Agreement value is Rs.56,55,220/- Paid Rs 56552 as MVAt to the builder i.e. 1 % of the agreement value. But the builder now claims I still have to pay Rs 5613/- balance of MVAT as the market value of my flat in november 2014according to ready recknor is Rs.62,16,500/-. According to the builder MVAT Rate 1% is applicable on either agreement value of market value, whichever is higher . Is what the builder demanding legit?



 2 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     10 July 2016

tax always calculate on market value. Builder calculation is correct

jyotirmaya behera (advocate)     13 July 2016

There is 2 type of value 1- Government valuation, 2 – market valuation.

You flat most be valued more than Government valuation and over which you will pay the Stamp Duty and if that valuation is less then the Govt. Valuation than the defect will show buy the Sub-register.

What amount you pay over that amount the will pay the MVAT that does not mean that you will pay the MVAT over market  valuation.

  market  valuation is the maximum level and government valuation is the minimum level in case of the land / flat registration.

 

Jyotirmaya Prasad Behera, Advocate

Orissa High Court

Mob: 9132319262


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