Dear All,
One Company having business of developing colonies and giving on rent the flats till the time they are sold off. Now the query is whether ITC on construction materials etc. be available against the rental income.
Your advise with related case law(if any) willl be highly appreciated.
No. The ITC over the building/ property is blocked u/s. 17(5) of CGST act...
Sir,
Here, we are not using the developed properties. Ultimately, flats and duplexes will be sold off but presently they are let out. Will still Section 17(5)(d) of CGST apply.
Please Sir, is there any option to avail ITC.....since we have been utilising ITC since last 2 years and now the consequence will be huge.....So sir, please suggest any way out.
Thanks Sir
ok.....there seems to be no alternative.
CAclubindia
