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EXEMPT SUPPLY VALUE

vijaykumar sindhi (68 Points)

11 November 2019  
Section 17 (3) requires to add sale of land, building in the value of exempt supply for the purpose of ITC reversal. My question is : Whether sale of personal property ( land or building for personal use) are also require to be added to arrive the value of exempt supply?

 4 Replies

RAJA P M ("Do the Right Thing...!!!")   (115470 Points)
Replied 11 November 2019

No if it's not including in the business account...
1 Like

Surjeet Negi (937 Points)
Replied 12 November 2019

As per section 17(5), No ITC will be available for the goods/ services used for personal purposed and not for business purposes.

accordingly no question of reversal.

vijaykumar sindhi (68 Points)
Replied 12 November 2019

If personal property shown in balance sheet of business accounts than sale value is to be added in exempt supply value or not

vijaykumar sindhi (proprietor) (27 Points)
Replied 13 November 2019

RAJA sir If personal property shown in balance sheet of business accounts than sale value is to be added in exempt supply value or not

 


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