[aaykarbhavan] Service tax and VAT on flat taken by partner in housing project

Dear Sir,

One of my assessee, a partnership firm, carrying on the business of construction of residential flats have taken a flat in under construction building.

The partnership firm has debited the partners capital account by an amount equal to fair market value of the flat.

Kindly let me know what will be the position of service tax and VAT on flats taken by partner. Will it be applicable or not?

Regards,
CA Vikram Jain
9890125027

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