GST On Agreement for Sale of Land along with FSI

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..... GST On Agreement for Sale of Land along with FSI
Query (Issue) Started By: - Kalpesh Shah Dated:- 18-8-2023 Last Reply Date:- 21-8-2023 Goods and Services Tax - GST
Got 2 Replies
GST
Respected Experts & Seniors, I have one querry as follows Case : My client is Builder Developer, entered into an Agreement for Sale of Land along with FSI having monetary Consideration. He is plannin .....

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..... g to Construct Residential as well as commercial units. Land is not conveyanced in the name of Builder Developer but it will be conveyanced in the name of Society in future after Receipt of Occupancy Certificate. Question : 1. Will he be liable to pay GST RCM in respect to Commercial units, since it is Agreement for Sale. ? 2. If not liable to GST RCM, pls Provide the basis on which no liabi .....

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..... lity arises to GST. 3. If liable to GST RCM, then what will be the Point of Taxation ? Thank you in Advance Reply By Shilpi Jain: The Reply: Is it a registered AoS? The agreement for sale is with the society itself or with someone else who is the landowner? If it is a registered AoS, can be regarded as a transaction of sale of land between builder and the person selling land (assuming landow .....

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..... ner and society are different persons). If LO and society are same, then would require analysis of the agreements to comment further. Reply By Kalpesh Shah: The Reply: Respected Madam, AFS is registered Document. It is entered between Landowner and Builder/Developer. It is not a case of Redevelopment of Society. One of the Terms and Conditions of the Agreement is that "Landowner will co .....

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..... nveyance the Land in the name of Society after construction of entire layout is completed". Here Landowner and Society, both are different persons.
Discussion Forum - Knowledge Sharing .....

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