Can we claim ITC on GST paid on purchase of Under Construction Commercial Property and GST paid on processing charges paid to avail loan to purchase that property ?
5 Replies
CA. Abhilash Krishnan P
(Chartered Accountant)
(533 Points)
Replied 12 March 2022
First case its blocked credit under section 17(5) if you have purchased it for own use.. second case you can avail.
Imthias ahamed Kormath
(910 Points)
Replied 12 March 2022
It limited to property only, land value b excluded from the Total property value.
anil jain
(Partner)
(1072 Points)
Replied 12 March 2022
In my opinion, GST paid on purchase of Under Construction Commercial Property for furtherance of business is allowable .
Dhruv Tanna
(5 Points)
Replied 05 April 2022
| Originally posted by : CA. Abhilash Krishnan P | ||
 |
First case its blocked credit under section 17(5) if you have purchased it for own use.. second case you can avail. |  |
Thank u Sir !!
Also can u pls tell how to recover the GST in case of cancellation of the purchase before it gets completed ?
Dhruv Tanna
(5 Points)
Replied 05 April 2022
| Originally posted by : anil jain | ||
|
In my opinion, GST paid on purchase of Under Construction Commercial Property for furtherance of business is allowable . |
|
Thank u for the reply !!
Can u provide any circular/rule/notification/section etc to support this view ?
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