Gst

Save Share

This query is : Resolved

Quick Summary

This discussion clarifies the Goods and Services Tax (GST) implications when buying, constructing, and then selling a property. Generally, 5% GST applies to under-construction properties. However, once a completion certificate is obtained, no GST is applicable on the sale. The GST is calculated on the final sale value of the property.

Ashok Jha

Ashok Jha (Querist)
Follow

29 July 2020 i want to Know , if someone Buy Property and they construct it after that they will sell... How and what rate of gst will apply...

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

29 July 2020 5% GST applicable on under construction property. No GST applicable on sale after obtaining completion certificate.

Ashok Jha

Ashok Jha (Querist)
Follow

29 July 2020 On what value gst will applicable . for eg-if i purchase property of RS.25 LAKHS And I Expand 5 lakh on it for construction basis. and I sell property on 37 lakh . So how will calculate gst .

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

29 July 2020 5% GST payable on 37 lacs.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now