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Respected Sir,

Please advise me what to do in such case. Hope any one of you people will be kind on me with the best guidelines.

The flat premises were specifically kept for the self-use of the promoter herein. However due to financial constraints of the promoter, he is selling the said flat premises. Since said flat premises was kept for the self use of promoter, the GST is not leviable to the present sale transaction. However, in the event the GST is levied in future, then the purchaser shall settle the whatever.

Basically I am a builder and developer. I started the project in 1987. Project is as on today fully and finally completed but the OC has not been issued to us due to certain obstacles. I had sold a flat in March 20 but because of the above clause of the sale agreement there is a dispute between the purchaser and myself.

Just on the basis of the above said clause the purchaser is not ready to pay the GST amount as of Rs 13 Lacs but as per the prevailing rules of GST the GST liability has arrived on our shoulder because of unavailability of OC with us and therefore in such circumstances we have not given possession of the said flat to the purchaser and the said flat is still under our possession. The Purchaser had paid to us total sale value with TDS payment.

Further our GSR Registration has been cancelled on account of non-filing of GST Returns subject to GST Rule of Pay & File.

Whether in such circumstances can we convert the cost of the said flat into personal assets so that should be sold on individual basis and we will pay capital gain tax on account of sale of personal assets.

Whether we will have to pay income tax even on conversion of stock in trade into personal asset

Whether stamp duty paid at the time of registration in March 20 shall be forfeited if the agreement is cancelled.

Bajaj Finserv

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