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TMI BlogITC eligibility on houseboatX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear users, I want to ask whether houseboat would be considered as movvable or immovable under GST? Because in case it is consdiered as immovable, ineligibility of ITC under Section 17(5)(c) and (d) relating to works contract and construction of immovable property may get attracted. Thanks in advance - Reply By RaamSrinivasan Kalpathi - The Reply = Under provisions of the I ncome-tax Act, 1961 hou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... seboats are NOT considered as Immovable property for purposes of availing deduction Sec.54 - 'Profit on sale of property used for residence'. These have been considered as 'movable assets' and Sec.54 deduction have been denied. - Reply By Sadanand Bulbule - The Reply = Dear Sir Immovable property is defined under Section 3(26) of the General Clauses Act, 1897 as including land, ben ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efits arising out of the land, and things attached to the earth, or permanently fastened to anything attached to the earth. Things attached to the earth is defined under Section 3 of Transfer of Property Act, 1882 as (a) rooted in the earth, as in the case of trees and shrubs, (b) imbedded in the earth, as in the case of walls and buildings, and (c) attached to what is so embedded for the permanen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t beneficial enjoyment of that to which it is attached. The permanency of such fastening is required to be tested based on the nature of the components, that is, it is to be seen whether it can be removed, dismantled and assembled/used elsewhere without damage. Keeping this interpretation in mind, houseboats shall have to move on water to be functional. What is movable is not immovable. Accordingl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the entitlement of ITC has to move positively. - Reply By Ganeshan Kalyani - The Reply = I agree with the view of the experts. ITC is eligible. - Reply By KASTURI SETHI - The Reply = A foolproof reply by Sh.Sadanand Bulbule, Sir. - Reply By Sadanand Bulbule - The Reply = Dear Sir Please refer the following CBIC Circular also: Circular No. 219/13/2024-GST - Reply By KASTURI SETHI - The Reply = Sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Sadanand Bulbule Ji, Sir, Pl. refer to your post at serial no. 5 dated 28.06.24. The ratio of the above circular has cemented your reply posted at serial no. 2 dated 19.06.24 The circular was issued on 26.06.24 and your reply was posted on 02.06.24. Hence your reply was and is visionary . Rather, I would like to term it as more visionary than anticipatory . To be continued. - ITC eligibility on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... houseboat - Query Started By: - HIMANSHU BHUSHAN Dated:- 19-6-2024 Last Replied Date:- 2-7-2024 Goods and Services Tax - GST - Got 6 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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