My client is engaged in letting out of commercial properties. At the same time shares were managed by Asset Management Company(outsider). Can ITC on Management fees paid be availed against output on rent?????
Please suggest.
5 Replies
Anup Agarwal
(1184 Points)
Replied 28 January 2020
You can avail ITC If services you are taking is in furtherance of business. If you are taking services for furtherance of your business, you can avail ITC
Gangeshwar
(proprietor)
(136 Points)
Replied 28 January 2020
Anup sir, actually these are two different activities of the company. definitely it is for furtherance of business but the GST auditor is not accepting. Please share your opinion.
Anup Agarwal
(1184 Points)
Replied 28 January 2020
What service is being provided by the third party service provider?
Gangeshwar
(proprietor)
(136 Points)
Replied 28 January 2020
Third party provided Portfolio management services. In other words sale of shares and mutual funds.
Company availed their services for profit maximisation and the sale proceeds were invested further in commercial properties or FDR.
Anup Agarwal
(1184 Points)
Replied 28 January 2020
So your client is providing services of letting out commercial property,
and through profit in shares your client acquire that commercial properties.
Portfolio is in the name of your clients business?
and through profit in shares your client acquire that commercial properties.
Portfolio is in the name of your clients business?
Recent Topics
- SECTION 148 PROCEEDING
- GST AUDIT 01 - NOTICE
- Capital gain purchase date
- Transmission of deceased's shares in physical form
- Income tax notice but unable to file updated retur
- Income tax depreciation deductions
- GST Notice (Under Section 73)
- Asset Declaration in ITR2 for flat purchased in jo
- Active pan but invalid
- SECTION 128A For those who filed appeal and order
Related Threads
Trending Online Classes
-
PF & ESI Course - Labour Code 2019 Along with Examples and Case Studies
Mr.Balamurugan Ranganathan13 March 2025
CAclubindia
