Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

GST Input Tax Credit

amlu___ 002 (CA Article Trainee) (84 Points)

19 February 2020

Dear Collegues,

Can i take the ITC on Lease of Commercial property ?

Reply
Follow
Share

7 Replies

RAJA P M ("Do the Right Thing...!!!") (127921 Points)
Replied 19 February 2020

Yes...

But, Elaborate Your query with details....

Upgrade to CAclubindia Pro. Subscribe Now!

amlu___ 002 (CA Article Trainee) (84 Points)
Replied 19 February 2020

Detailing:

As my client had purchased a leased commerical place for office purpose which is leased for 30 Years and the supplier of service has raised a GST invoice and uploaded in GSTIN, Whether ITC available on leased commercial property can be taken or not?

RAJA P M ("Do the Right Thing...!!!") (127921 Points)
Replied 19 February 2020

Yes... You can claim that ITC.

amlu___ 002 (CA Article Trainee) (84 Points)
Replied 19 February 2020

Well the selling party is written " Sale of Leased Property in Product descripttion.
As this ITC is covered under Section 17(5) of GST.
On which GST is not applicable after completion certificate receving, In my case it is a completed as well as receiving of completion certificate.
In that case also we can claim ITC?