A person having share in ancestral plot of land and now he want to develop a land and want to build a residential projects
And for that he purchase shares in that plot of land from his relatives. Against purchase he paid compensation as well as gives 4 flats to his relatives
In such case, who will pay gst on transfer of such flat to his relatives
And similarly whether is there any gst applicable on compensation paid to his relatives and if yes, who is liable to pay gst
OC not yet received
he is not going to receive any consideration as he is not going to receive any consideration against flat sold to his relatives
o what sales to be considered in the books for such flats allocated
pl suggest
"A person having share in ancestral plot of land and now he want to develop a land and want to build a residential projects And for that he purchase shares in that plot of land from his relatives. Against purchase he paid compensation as well as gives 4 flats to his relatives In such case, who will pay gst on transfer of such flat to his relatives."
Liability arises over the developer, so he should collect it from other land owners and pay it to treasury.
"And similarly whether is there any gst applicable on compensation paid to his relatives and if yes, who is liable to pay gst."
Same as above, the value of supply increases to that extent.
CAclubindia
