Input credit
This query is : Resolved
28 February 2018
Whether we can take credit of tax charged on contractor bill for renovation of Rented office?
28 February 2018
ITC is not available on construction of buildings including renovation.
28 February 2018
Explanation to 17 (5) (d) is reproduced as :
"For the purposes of clauses (c) and (d), the expression “construction” includes re-construction, renovation, additions or alterations or repairs, to the extent of capitalisation, to the said immovable property"
In my opinion if the renovation to the rented building is not capitalised as an asset in the building the same shall be eligible for input tax credit. Whether the expense is required to be capitalised or not would depend on the circumstances.
"For the purposes of clauses (c) and (d), the expression “construction” includes re-construction, renovation, additions or alterations or repairs, to the extent of capitalisation, to the said immovable property"
In my opinion if the renovation to the rented building is not capitalised as an asset in the building the same shall be eligible for input tax credit. Whether the expense is required to be capitalised or not would depend on the circumstances.
28 February 2018
Yes...
I agreed to Mr Joswin Punchakunnel..
If it's rented building then You can avail the ITC benefits of "Repairs and Maintenance".
28 February 2018
Yes, it is available for repairs and maintenance as long as the expenses are not capitalized.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is Aadhar PAN linking required for opening bank account?
- Applicability
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Application of 115BAC
- Gst Sales of FY 2023-24
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- TDS NUMBER SURRENDER
- Legal heir raised refund , but refund issued to the closed account of deceased.
- RCM - commercial rent paid to URP under GST
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
