For the purpose of clause (c) of section 11, the value of the goods at the time of the transfer of property in the goods (whether as goods or in some other form) involved in the execution of a works contract may be determined by effecting the following deductions from the value of the entire contract, in so far as the amounts relating to the deductions pertain to the said works contract:-

(a) labour charges for execution of the works;

(b) Omitted w.e.f.22-02-2010;

(c) charges for planning, designing and architect's fees;

(d) charges for obtaining on hire or otherwise, machinery and tools used for the execution of the works contract;

(e) cost of consumables such as water, electricity, fuel, etc. used in the execution of the works contract, the property in which is not transferred in the course of execution of the works contract;

(f) cost of establishment of the contractor to the extent it is relatable to the supply of labour and services;

(g) other similar expenses relatable to the supply of labour and services; and

(h) profit earned by the contractor to the extent it is relatable to the supply of labour and services.

(i) the value of the land, as specified in the contract or if no value is specified in the contract then the value of land mentioned in land documents available or if such land documents are not available then the value of land calculated at the rate declared by appropriate Revenue Authority in case of construction of a building or civil structure or a part thereof, which is intended for sale.