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Real estate business
A person is engaged in real estate buisness, but he is not the owner of the land, he only construct the banglow and sale to the customers. Now what rate can he charge from the customer and whether he can claim the ITC ?
Replies (4)
In normal case, ITC on immovable property except plant and machinary are blocked credit u/s 17(5) but such property use in futher supplies than ITC on such property can claim as if it is claim in normal case
The sale of flats will be charged at the rate of 5% and he cannot claim ITC
The rate is 5% GST without ITC. But it's Applicable, where he received the entire Consideration for banglow sold after obtained the Completion Certificate.
can you clarify "he is not the owner of Land" then how he can sell the banglow., there must be having Joint development agreement with Landlord ..
can you clarify "he is not the owner of Land" then how he can sell the banglow., there must be having Joint development agreement with Landlord ..
Thank you very much for the replies, there is an agreement between the owner of the land and the assessee.
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