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Question ID : 36913

240554

A GST registered dealer, Proprietor, engaged in imparting technical training. He, in his personal capacity entered into a agreement to purchase a under construction flat and paid GST (since purchased in personal capacity, input is not shown in 3B or availed). Still the property is under construction and he likes to sell the right in property for a profit of 21L. whether the sale transaction attracts GST?

Posted by Sai Ram on Dec 29, 2018

Filed Under GST

Answer ID : 76121

yes.

Posted by CA. SATISH CHAND GARG on Dec 30, 2018
Answer ID : 76122

yes.

Posted by CA. SATISH CHAND GARG on Dec 30, 2018
Answer ID : 76137

Personal investment and sale of those investments (including under construction flats) will not be liable to GST as it appears this activity is not the 'business' of the registered person. Sale of under construction flats will not attract GST as you are only a buyer (and neither landowner nor developer of those flats). Please discuss with landowner the method of recording the sub-sale and eventual registration in favour of new buyer as it is not permitted to issue credit note (to full extent under section 34) for the entire payment and GST paid on the installments billed to date.

Posted by CA. JATIN CHRISTOPHER A on Jan 02, 2019