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sale of land
would sale of land held as a long term asset by a person not carrying on any business attract GST ?, if yes what is the rate to be charged to the buyer ? The sale price could be around ₹150 lacs. The seller is not registered under GST Act
Replies (2)
land is not a good...hence sale of land cannot be taxed under gst......but while selling land you must keep in mid sec 194IA of income tax act under which if anyone buys an immovable property above rs 50 lakh then BUYER will have to deduct tds @ 1% on sale value from the payment he have to made to the seller and deposit it with government.....seller can adjust that tds while filing his yearly return against his income tax liability.
Thanks
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