20 July 2020
ONE OF MY FRIEND IS IN PROCESS OF PURCHASING UNDER CONSRUTION PROERTY IN MUMBAI. AGREEMENT VALUE OF THE PROPERTY IS RS.5500000/- . AS PER BUILDER HE IS LIABLE TO PAY GST @ 8% i.e. Rs. Rs.440000 AND TDS ON SALE OF PROPERTY @0.75% i.e. RS. 41250 ON AGREEMENT VALUE. NOW MY QUESTION IS IF I AM PAYING AN AMOUNT OF RS. 41250 AS A TDS ON SALE DO I NEED TO PAY GST ON RS. 41250/- ALSO ? I THINK THAT I HAVE TO PAY 8% GST ON 5500000-41250=5454600 5454600 X 8% = 436368
I REQUEST YOU TO KINDLY ADVICE ME IN THIS MATTER PLEASE.
CAclubindia
