Hello,
I am purchasing a flat from the owner who had been the landowner of the building complex and has jointly built the complex with the promoters. The flat is complete and i am living currently in rent in the same flat. I have 2 questions:
1. Is this purchase a resale transaction? Or a first hand purchase?
2. The building complex does not yet have a completion certificate as another tower is being built but the flat that i reside in as a rented apartment and which i am purchasing has the 'possession certificate' (I believe its the occupancy certificate). Is GST applicable on this purchase in this case?
Thank you in advance for your inputs.
CAclubindia
