Retirement project
This query is : Resolved
Sanjay Budhiraja
(Querist)
23 January 2022
Hello All
Sir suppose i and my wife develop commercial project for our retirement purpose. Is it considered as personal property or business?
We are planning to construct a commercial place and after that rental income will come.
We are planning to GST no now and claim input on purchase and thereafter input collected in GST will be adjusted in the rental income.
Questions are
1. Pl guide if it is possible to do it or not? Is it possible to adjust the input of construction bills against output of rental income .?
2. Or the property will be treated as self occupied till rent starts.
Is it benificial to take GST no now or after the rent starts.
Pl comment in your professional guidance.
Regards
Sir suppose i and my wife develop commercial project for our retirement purpose. Is it considered as personal property or business?
We are planning to construct a commercial place and after that rental income will come.
We are planning to GST no now and claim input on purchase and thereafter input collected in GST will be adjusted in the rental income.
Questions are
1. Pl guide if it is possible to do it or not? Is it possible to adjust the input of construction bills against output of rental income .?
2. Or the property will be treated as self occupied till rent starts.
Is it benificial to take GST no now or after the rent starts.
Pl comment in your professional guidance.
Regards
Dhirajlal Rambhia
(Expert)
23 January 2022
Be it personal or commercial/business property, you cannot claim ITC over the building, as it is not allowable.
Just capitalize it under fixed asset and claim depreciation, if its business.
Just capitalize it under fixed asset and claim depreciation, if its business.
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