Input credit on land premium (instalment) allowed or not.
This query is : Resolved
21 January 2019
Dear Sir/Madam,
A company purchase a land from industrial area development authority (govt. Dept..) for 30 year leased.
Leased contract period is 30 year
Premium land price is 1,00,00,000/- payment term 10 equal half yearly instalment payable in spread of 5 Year (with applicable GST) Rs. 10,00,000*10.
Date of Land Allotment :- 24/04/2018.
now they raised Tax invoice instalment plus GST @ 18%.
I go through with block credit Sec 17(5). no where Ineligible such credit.
my question is that can we take input on leased instalment payment.
A company purchase a land from industrial area development authority (govt. Dept..) for 30 year leased.
Leased contract period is 30 year
Premium land price is 1,00,00,000/- payment term 10 equal half yearly instalment payable in spread of 5 Year (with applicable GST) Rs. 10,00,000*10.
Date of Land Allotment :- 24/04/2018.
now they raised Tax invoice instalment plus GST @ 18%.
I go through with block credit Sec 17(5). no where Ineligible such credit.
my question is that can we take input on leased instalment payment.
22 January 2019
yes you are right, you can take the credit of the lease rent.
Message likes :
1 times
23 January 2019
Thanks Annop Sir,
but few professionals says that if you treat Land under Fixed Assets than GST input not Allowed as immovable property comes under 17(5).kindly elaborate your opinion.
sir what is the accounting treatment of such type of leased land property ? whether company treated expenses or Fixed Assets.
Please explain !
but few professionals says that if you treat Land under Fixed Assets than GST input not Allowed as immovable property comes under 17(5).kindly elaborate your opinion.
sir what is the accounting treatment of such type of leased land property ? whether company treated expenses or Fixed Assets.
Please explain !
23 January 2019
what will be the accounting treatment and accounting entry for leased land and amortisation of leased rent.
where disclosed in financial report ???
where disclosed in financial report ???
19 October 2021
It is on lease not purchased, and rent is paid over it annually, so ITC can be claimed.
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 this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
