GST implication on sale of Business immovable property
This query is : Resolved
02 January 2021
Hi all, one of client ( sole Proprietorship ) doing business and he purchased one immovable property ( Building ) for both the purposes of personal and business and also in near future he want to sale the property then at the time of sale what is the GST implication if he treat the property as business asset ? or if he treat the property as personal asset then what is the GST implication ?
Whether GST is applicable on sale of immovable property used for the business and claiming depreciation ?
Whether GST is applicable on sale of immovable property used for the business and claiming depreciation ?
02 January 2021
No gst is applicable on sale of building whether used for personal or business purpose.
02 January 2021
Thank you soo much sir
03 January 2021
Sale of an immovable property is covered under Sch III of CGST Act , 2017 i.e. Negative List and hence the same is not taxable under GST irrespective of its use.
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