New property

This query is : Resolved

Quick Summary

If you've purchased a new property and paid GST, as a salaried individual, you generally cannot claim this GST back on your Income Tax Return (ITR). Instead, the GST paid is added to the capital cost of the property. This is because GST input tax credit (ITC) is considered a blocked credit under Section 17(5) of the CGST Act, making it ineligible for claiming.

Varun Kaistha

Varun Kaistha (Querist)
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23 April 2024 I have bought a new property in December 2023 and have paid 5%GST.
I am salaried person.
Shall I claim the GST back while filling ITR.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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23 April 2024 no. you cannot. this gets added to your capital cost.

CA. Bhavik P. Chudasama

CA. Bhavik P. Chudasama (Expert)
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23 April 2024 ITC is blocked credit u/s 17(5) of CGST Act., you cannot claim

Nikhil Kaushik

Nikhil Kaushik (Expert)
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23 April 2024 he is a salaried person. the issue of credit ends there itself!

CA. Bhavik P. Chudasama

CA. Bhavik P. Chudasama (Expert)
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23 April 2024 Yes Sir agree and even if he is Registered he wont be eligible. I just wanted the Querist get the reason behind disallowance, thats the reason I mentioned the Section Number

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