Chandrashekhar Sangwar , Apartment Resident
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Fixed deposit for MVAT purpose
Q: Hi All, I have bought the flat in 5B building of Kalpataru Estates(Pimple Gurav) phase-2 Before giving possession the builder is asking all the flat owners to deposit 4% of property value as FD in HDFC Bank Sangavi Branch. The Kalpataru flat owners have to unncessarily block INR 1 Lakh to INR 1.5 Lakh in the name of MVAT. The FD will remain in the name of owner but power of execution will lie with Kalpataru Ltd. What is the rate of interest given by HDFC Bank on this FD.What is the tenure for this deposit. Is Tax at source deducted on this FD amount. Are any other formalities required to be completed while opening a Fixed deposit for MVAT purpose. Is anyone aware about the current status of the MVAT case pending in court. Are other builders following the same procedure.

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Even I faced the same issue when I contacted them to finalize the possession date for 4B-602. At that time only they mentioned 4% MVAT amount which we are supposed to deposit before taking the possession. I am not very sure if the demand is authentic and why it had not been conveyed while we're booking the flat. Can someone confirm with other flat owners if they have deposited the same amount before taking the possession?Even I faced the same issue when I contacted them to finalize the possession date for 4B-602. At that time only they mentioned 4% MVAT amount which we are supposed to deposit before taking the possession. I am not very sure if the demand is authentic and why it had not been conveyed while we're booking the flat. Can someone confirm with other flat owners if they have deposited the same amount before taking the possession?
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