Issue in withdrawls from Capital Gains Account Scheme
This query is : Resolved
04 February 2023
Respected,
The assessee had opened a "Capital Gains Account" with the Bank of India a year ago. Now he wishes to start construction of the residential house and therefore wants to withdraw from the capital gains account. Assessee is going to construct the building by himself (no outsourcing to the contractor).
However, the bank says that the assessee must produce "Proper Invoices" (by which they mean - GST Bills). Even officers at the zonal head office say the same.
However, since the assessee is constructing on his own, he would be unable to submit gst bills of labour charges since most labour would be outside of GST purview due to various reasons. But nobody at the bank understands this.
Can somebody provide anything which can help the assessee set aside - "GST Bills" rule?
Please guide. Thanks.
The assessee had opened a "Capital Gains Account" with the Bank of India a year ago. Now he wishes to start construction of the residential house and therefore wants to withdraw from the capital gains account. Assessee is going to construct the building by himself (no outsourcing to the contractor).
However, the bank says that the assessee must produce "Proper Invoices" (by which they mean - GST Bills). Even officers at the zonal head office say the same.
However, since the assessee is constructing on his own, he would be unable to submit gst bills of labour charges since most labour would be outside of GST purview due to various reasons. But nobody at the bank understands this.
Can somebody provide anything which can help the assessee set aside - "GST Bills" rule?
Please guide. Thanks.
CA R SEETHARAMAN
(Expert)
04 February 2023
GST not applicable on direct wages paid to labour. Let bank take an advice from a CA.
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