Applicability of GST on sale of Flats Allotted to Landowner
This query is : Resolved
CA VENKATASWAMY
(Querist)
11 June 2022
Sir,
One of our client was transferred his land to developer in exchange of some area of SFT in the completed building. Now before completion of construction he was selling his part of allocated area of SFT to another person for consideration. Then is the GST applicable on selling of area allotted to another person.
And also is capital Gain applicable to that transaction or how to be treated that transfer of land and sale of allotted building area.
One of our client was transferred his land to developer in exchange of some area of SFT in the completed building. Now before completion of construction he was selling his part of allocated area of SFT to another person for consideration. Then is the GST applicable on selling of area allotted to another person.
And also is capital Gain applicable to that transaction or how to be treated that transfer of land and sale of allotted building area.
CA R SEETHARAMAN
(Expert)
11 June 2022
GST applicable on such sale before completion of construction. ITC can be claimed on payment of GST to the developer.
Capital gains tax applicable on indexed cost of land and sale value of all the SFT allotted to land lord.
Capital gains tax applicable on indexed cost of land and sale value of all the SFT allotted to land lord.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GSTR9 Annual Return
- Employee secondment
- Ito add credit side of bank
- Capital Gains Tax on Inherited Mutual Fund
- GST ITC as per notification 12/2023- central tax
- Rent agreement of House of deceased person
- Form 144 TDS Return Validation error
- IMS (import of goods) ITC related
- Gift to nri relatives resides in usa
- Capital gain on commercial property and investment in residential property
- Import of Capital Machine
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
