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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

Answer ID : 76740

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