Answer Posted / raghu.v
Advertisement falls under Contract 194C
Threshold limit is
Single Transaction Rs.3000
Whole Year Rs.75000
Rate of Deduction 1% In case of Individual& HUF,
2% In case of Other than Individual& HUF,
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interest paid to bank rs.15000 in conection with statutory income tax proceedings.
I have a plot at Visakhapatnam. I have entered into a contract with a builder which enables him to construct 10 flats on the plot and builder and myself will share 50:50 of the constructed area. i.e. builder will get 5 and i will get 5 flats. Builder is not paying me any other consideration apart from 5 flats. Kindly clarify as to whether any servive tax is applicable and payable by me ?- kgr varma
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