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GST on Resale of under construction property

Dhruv Jain (Practicioner) (208 Points)

23 August 2022

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.

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3 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14914 Points)
Replied 23 August 2022

Adv. Ravish Bhatt, ADIT, CIOT (Dual Qualified Lawyer/ Solicitor Intern) (1110 Points)
Replied 23 August 2022

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.

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