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EXEMPT SUPPLY VALUE

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CA
116 Points Posted on 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?
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On 11 November 2019 at 17:51 Report
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"Do the Right Thing...!!!"
128147 Points Posted on 11 November 2019
No if it's not including in the business account...
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On 11 November 2019 at 23:07
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947 Points Posted on 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.
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On 12 November 2019 at 10:46
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CA
116 Points Posted on 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
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On 12 November 2019 at 14:00
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proprietor
27 Points Posted on 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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On 13 November 2019 at 07:55


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