Respected all,
Is 1/3rd Land Deduction available to Land Owner when he sells flats received in JDA?
Please elaborate with respective Provisions, notifications and schedule Entries.
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Land Deduction in case of Landowner
Replies (1)
| Originally posted by : Nabeel Patel | ||
 |
Respected all,Is 1/3rd Land Deduction available to Land Owner when he sells flats received in JDA?Please elaborate with respective Provisions, notifications and schedule Entries. |  |
‘Deemed value’ which is “2/3rds of Unit Price” (2/3P) prevalent contemporaneously. Para 2 (relates to 1/3 abatement towards land cost) of the notification 11/2017 dated 28.06.2017 is made applicable to all new rates.
Since, 1/3rd abatement is allowed, this abatement is an ‘exemption’ so as to comply with the input tax restriction under Section 17(2) of CGST Act (#16(ii) to 12/2017 as updated by 03/2019 dated 29th March, 2019 vide (ii)(c) for all entries under new rate-regime).
Thanks With Regards
Ravi SADhiyan
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