Owners of land are transferring an agricultural land to partnership firm in which they all are partners.(Capital Gain will be exemp to partners being sale of agricultural land)
Then this firm will give land to a developer to build a warehouse and Firm will pay service charges for the warehouse construction and also Pay GST on this services(there will be huge amount of GST Involved).
After development, Firm will give this warehouse on rent to companys and earn rental income and will also charge GST on such income and ITC paid on development charges will be used for payment of GST collected on rental income.
I want to know is there any other provision that may attract in GST or Income tax.
CAclubindia
