[aaykarbhavan] QUERY RELATING TO BUILDER

Dear members,

A builder owns building with 10 tenants for last 5 years.
The cost of said bldg is shown as investmentin books.
Now they intend to part with this bldg by converting tenancy rights in each flat to ownership to each tenant.

I need clarifications on the following matters:

1. would this be sell of capital assets and liable @20% as LTCG?
2. would it attract VAT & service tax?

Guidance in the matter will be highly appreciated.

Thanks in advance

moiz




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