06 August 2017
Land developer and land owners case
Development agreement done before GST for tween bungalow. One for owner and other for developers
Now a buyer is asking for Entire tween bungalow after completion certificate received. (Owner and developer are ready for this)
Now What is GST Liability of land owner, developer and third party?
06 August 2017
Please help for following
Total land area is divided in two parts, one is for owner and second for developers.
After completion of the work developer is selling his part to one buyer.
Same buyer is asking for first part of land which is now own by owner. (Even owner is ready to sell his part to buyer)
As on date no one has yet paid any type of tax I.e. service tax, vat, GST
Now the question is what is the liability of developers - 1) on the first part given to owner? & 2) on the second part he is selling to buyer
And another question is
1) is there any liability of GST on owner of the land regarding the sell of that property to buyer?
06 August 2017
1 On the first part given to owner service tax applicable at 15% on 40% value excluding land. 2 No GST applicable on second part as he is selling it after completion certificate. No GST on owner of the land selling the property to the buyer as property sold after completion.
06 August 2017
Please help for following
• Flats allotted to land owner will be a taxable supply liable to GST where consideration is received in kind form of development potentials
07 August 2017
Thanks sir
Now Land owner giving license to develop to the developer
and developer given flat to owner in kind
in above case both are supply in terms of GST
now who want to register under gst act if market price of sales is below 20 lakh or above 20 lakh
18 November 2017
If the land owner gets 50 % of Flats (3 out of 6) from Developer, (as per Dev.Agreement / JV), and as per the same land owner sales those 3 to different home buyers , who is entitled to get GST (either 12 % or 18%)from those home buyers, either Land owner or Developer? is land owner is liable to fine GST returns? as developer will be showing / filling his GST returns on purchases of building materials and services on ENTIRE 100% or 6 flats .
18 November 2017
1 Land owner is liable to file gstr and claim ITC on GST paid to developer. 2 Developer will be filing gstr and claiming 100% ITC on all flats. He has to charge 12% GST on his own flats and 18% on land owner.
CAclubindia
