Joint agreement of builder and landlord
This query is : Resolved
16 July 2024
My client is a builder and signed a joint agreement with a landlord to build a commercial building over a particular land. A total of 10 shops were constructed, out of which the landlord gets 6 shops and the builder gets 4 shops to sell. The registry/sale deed will be in the name of the landlord and the buyer. So my client sold all 4 shops for Rs. 1,11,34,000 which he received in the bank. All of this was done in FY 23-24. Now he came to me to file his Income tax return.
Now, please let me know how to file his income tax return (under which head), also was there any GST liability on the builder(my client)?
Now, please let me know how to file his income tax return (under which head), also was there any GST liability on the builder(my client)?
17 July 2024
1. U/h PGBP.
2. Yes.
2. Yes.
17 July 2024
Sir, can i file it under 44AD as 100% of the receipts are cashless.
And please guide me more about GST liability, as the transactions were done in FY 23-24 and no GST registration is taken yet. And there is no paper where builder is dealing with the actual buyer so how will builder charge the GST or is it landowner who is liable for GST.
And please guide me more about GST liability, as the transactions were done in FY 23-24 and no GST registration is taken yet. And there is no paper where builder is dealing with the actual buyer so how will builder charge the GST or is it landowner who is liable for GST.
17 July 2024
Yes, sec. 44AD can be opted.
If the shops are sold after getting completion certificate, GST liability will not arise.
If the shops are sold after getting completion certificate, GST liability will not arise.
17 July 2024
Thank you very much, sir, and the shops are sold after the completion certificate.
17 July 2024
Good Luck.
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