GST on property
CA Suresh Jain (Practice) (135 Points)
12 May 2017
will GST be applicable on transfer of property (residential flat) owned by company to an individual or to it's directors.
3 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177972 Points)
Replied 12 May 2017
Not as per transfer of property act (capital transfer), but yes, if its any service/remuneration in nature.
Studentsca
(CA Practice )
(3577 Points)
Replied 12 May 2017
GST is applicable on supply of Goods or Services or Both. As per the definition of Goods it does not include any immovable property. Hence if you are transferring the ownership of the residential flat from Company to Directors GST will not be applicable.
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