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Gst on land cost in case of sale of flats, Goods and Services Tax - GST |
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Gst on land cost in case of sale of flats |
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A builder has two scenario 1. He owns land (land held as stock) builds flats in it. He make separate land sale agreement and builders agreement. Is gst 5% payable also on land sale value as same will be reported as part of turnover? 2. Is only a power holder of land. Builds and sells flats. Sale of land is made as separate agreement. Collects and pays full to owner/retains marginal Amt in the land value. Wat is liability. Is it like 7.5% gst rate and 1/3rd adjusted for land so its 5% payable without itc? Posts / Replies Showing Replies 1 to 2 of 2 Records Page: 1
Yes. The rate of tax is 7.5 percent with 1/3rd deduction thereby 5percent net rate. How is the amount withheld by power of attorney holder towards land?
1) The taxable value will be taken as 2/3rd of sale value at rate of 7.5%. Sale value will be including value of land. 2) I assume by power holder you mean to say that builder and owner of land are different so in that case there will be a developer agreement or transfer of rights in land. Will depend on the nature of contract. No ITC for projects started after 1st April 2019 Page: 1 Old Query - New Comments are closed. |
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