good morning sir,
actually I had purchased construction goods for to construct new shed to manufacturing taxable goods. now my query is whether am I eligible to take itc what I had purchase construction goods.
1 Replies
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 11 August 2020
ITC on goods or services or both received by a taxable person for construction of an immovable property(other than Plant and machinery) is not allowed to the extent capitalised. So, ITC is allowed on such goods or services or both received by a taxable person for construction of an immovable property the cost of which is charged to profit and loss account.
Recent Topics
- Type of Account Error in ITR2
- LTCG on Foreign RSU Stock sale
- Secure VPN Solution for Freelancers Working with I
- Amount withdrawn from capital gain account scheme
- TDS RETURN REJECTED with Reason Line no 2 –
- Issue in e_filing of IT return
- New India Coop Bank Frozen Account
- GST Registration for export of services under sec2
- Exemption Available or not under new tax regime
- Loss on F & O
Related Threads
Trending Online Classes
CAclubindia
