Gst on transfer of lease land and building
This query is : Resolved
01 July 2019
Dear Experts,
Please guide me on the following points for GST.
One of our company had constructed bungalow on lease property. The lease is for the period of 999 yrs. Construction is near to complete but OC is not received from Municipal corporation. Now company want to transfer the lease property to its Director along with bungalow constructed on the lease property. Company want to make two agreement one for transfer of lease property and second is for sale of bungalow. Company had not take any credit for materiel used for construction of bungalow till date.
Please guide us who the GST will be calculated.
1) Will GST applicable to lease property also.
2) What will be rate of GST on transfer of bungalow on the said lease property.
Company say GST should be applicable only on construction cost and should not be applicable to lease transfer.
Please guide me on the subject.
Thanking you,
With regards
Please guide me on the following points for GST.
One of our company had constructed bungalow on lease property. The lease is for the period of 999 yrs. Construction is near to complete but OC is not received from Municipal corporation. Now company want to transfer the lease property to its Director along with bungalow constructed on the lease property. Company want to make two agreement one for transfer of lease property and second is for sale of bungalow. Company had not take any credit for materiel used for construction of bungalow till date.
Please guide us who the GST will be calculated.
1) Will GST applicable to lease property also.
2) What will be rate of GST on transfer of bungalow on the said lease property.
Company say GST should be applicable only on construction cost and should not be applicable to lease transfer.
Please guide me on the subject.
Thanking you,
With regards
01 July 2019
Charge 5% GST including the land cost without ITC claim.
GST applicable on lease transfer.
GST applicable on lease transfer.
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