Regarding development with builder
This query is : Resolved
08 September 2017
sir, i am planning to give one of my land to builder for development. we are ready to make joint development agreement and now builder is saying that owner has to pay GST for flats alloted to owner side with in 30days of making the registered development agreement otherwise penality will be charged.. Is it true?
does owner has to pay GST for his flats prior?? if yes, what is the % of GST i have to pay?
pls clarify.. TIA
does owner has to pay GST for his flats prior?? if yes, what is the % of GST i have to pay?
pls clarify.. TIA
08 September 2017
True parting with land amount to payment of advance. GST applicable on advance payment.. You have to pay 18% GST on value of flats allotted to you excluding land value.
08 September 2017
If i wont sell my allotted flats till completion or occupancy certificate is received.. then is there any chance for skipping GST??
08 September 2017
1)If i wont sell my allotted flats till completion or occupancy certificate is received.. then is there any chance for skipping GST??
2)I am taking 15lacs as advance from the builder and i have to return same amount after completion of project (this clause is included in agreement)... whether i have to pay GST for advance i took from the builder??
2)I am taking 15lacs as advance from the builder and i have to return same amount after completion of project (this clause is included in agreement)... whether i have to pay GST for advance i took from the builder??
08 September 2017
1 you have to pay GST on the flats allotted to you. If you sell the flats after completion you need not charge GST.
2 No GST payable on advance received by you and it's payable on return of advance.
2 No GST payable on advance received by you and it's payable on return of advance.
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