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GST on Resale of under construction property
Mr.A had purchased an under construction flat from a builder for 50 lakhs rupees plus gst. However, the same under construction flat is sold to Mr.B for 70 lakhs within a period of 1 year. The OC is not received. what will be the impact of GST on such scenario.
Replies (3)
Another view: GST applies to supplies (of goods or services) made in course of furtherance of business and transfer of personal assets or rights does not all within ambit of GST. So if an under constriction property is transferred through resale by an individual, it may not be liable for GST.
GST applicable on under construction property since sale consideration is received before completion certificate.
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