ITC of purchase property

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1244 Points Posted on 29 July 2021
itc can be taken on purchase of commercial property in the name of firm pls gaid me.
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On 29 July 2021 at 12:26 Report
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This discussion clarifies whether Input Tax Credit (ITC) can be claimed on the purchase of commercial property. The consensus is that ITC is generally blocked under Section 17(5) of the GST Act, regardless of whether the property is purchased in the name of a firm or a company. Therefore, you cannot claim ITC on GST paid for such property acquisitions.

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CMA
13117 Points Posted on 29 July 2021

No such credits are blocked u/s 17(5)

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On 29 July 2021 at 12:39
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1244 Points Posted on 29 July 2021
Can I claim ITC on GST paid towards property purchased in the name of company?
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On 29 July 2021 at 12:43
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CMA
13117 Points Posted on 29 July 2021

No ITC even if purchased in the name of the company. For more, read section 17(5).

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On 29 July 2021 at 12:52
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Chief Accountant
3150 Points Posted on 29 July 2021
No, you can't claim...
it's specifically blocked u/s 17(5)
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On 29 July 2021 at 16:32

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