Redevelopment of old bunglow of five joint holder owners given to b
uilder, in return gets five individual flats with corpus fund,rent and transportation .Please guide whether the owners of the bungalow ( constructed in 1935 on free hold land) need to pay any GST .If yes then on which item and what rate. please specify the section applicable for the above .Thanks and Regards
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Redevelopment of old bunglow of five owners by builder
Replies (3)
No GST liability on the land owner since he is essentially selling an immovable property, share in land. Hence, no GST. Also, this transaction in not in furtherance of business either
I think GST will not applicable as per section 7
As per schedule III (5) read wkth section 7 CGST,.. No GST is applicable on landlord
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