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
3 Replies
Pankaj Rawat
(GST Practitioner)
(55062 Points)
Replied 21 June 2018
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
CA S Praveen Kumar Reddy
(Chartered Accountant)
(2195 Points)
Replied 21 June 2018
I think GST will not applicable as per section 7
Pankaj Rawat
(GST Practitioner)
(55062 Points)
Replied 21 June 2018
As per schedule III (5) read wkth section 7 CGST,.. No GST is applicable on landlord
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