Question ID :
38181
GST ON REAL ESTATE
-X- A LANDLORD ENTERED INTO CONVERSION AGREEMENT WITH –Y- DEVELOPER, - X SHARE IS 55%, WHILE DEVELOPER IS 45% ON TOTAL BUILT UP AREA.
THE AGREEMENT CONTAINS A CLAUSE ON GST , THAT GST WILL BE CHARGEABLE TO X AS PER RULES APPLICABLE. NOW MY QUERY IS ON WHAT BASIS THE GST IS CHARGEABLE TO X AND AT WHICH TIME.
Posted by
pradeep kumar agrawal
on
Jun 04, 2019
Filed Under
GST
If it is a pure tarnsaction of immovable peroperty there will not be any GST laibility since it falls outside the perview of GST.
Posted by
SIVADAS CHETTOOR on
Jun 04, 2019
Answer ID :
76743
At the time of handing over of possession at 5% on the FMV of the area handed over to the landlord.
Posted by
CA. VENKITARAMAN K V on
Jun 04, 2019
Answer ID :
76780
Ideally the value for determination for capital gain shall be the basis of charging the GST and it should be charged @5%. Certainly the GST should be charged at the time of handing over the possession to land lord.
Posted by
CA. JHA SHANKAR KUMAR on
Jun 07, 2019