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GST on sale of joint property.
Three person have joint property. Now they want to construct flats on it and want to sell by forming partnership firm. So will the firm pay GST on sale or they individually have to pay register under GST ?
Replies (3)
Three person and when they form partnership firm then concept of JDA will come in limelight as individual and partnership firm both are distinct person in the eye of law, thus individual give their land to partnership firm which will provide construction services to individuals and charge service tax on it, if individual sold their property before oc or first occupancy then the individual needs to pay GST but the good part is that they can take credit of GST paid to partnership firm...
Agree with above comment
But sir if they introduce that joint property as capital contribution in partnership firm then also JDA provision applicable ?
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