Ashwini Khopkar
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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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I just enquired from my friends who have booked flats in 2008 with other builders like Mount Vert(WAKAD).He is not charging them for MVAT.He is charging some additional service tax which amounts to INR 30,000 to 40,000. Same information I got from my husband's friend who has booked flat with Kumar Builders and has already taken possession for that flat without paying MVAT as case is still pending in courts.I just enquired from my friends who have booked flats in 2008 with other builders like Mount Vert(WAKAD).He is not charging them for MVAT.He is charging some additional service tax which amounts to INR 30,000 to 40,000. Same information I got from my husband's friend who has booked flat with Kumar Builders and has already taken possession for that flat without paying MVAT as case is still pending in courts.
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