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EXEMPT SUPPLY VALUE
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?
Replies (4)
No if it's not including in the business account...
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.
accordingly no question of reversal.
If personal property shown in balance sheet of business accounts than sale value is to be added in exempt supply value or not
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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