Dear Sir,
If a company purchase a new land for upcoming project's So whether company has to pay the tax against that property. as it's in the name of Company. please advise.
9 Replies
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 13 August 2021
GST is not applicable on sale of land. Stamp duty would apply.
RENU SHARMA
(1388 Points)
Replied 13 August 2021
Land or building sale / purchase out from gst era . stamp duty applicable
Umesh Bhise
(119 Points)
Replied 13 August 2021
Thanks for your response, Just wants to know any advance tax we have to pay... against the purchase of property...
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 13 August 2021
| Originally posted by : Umesh Bhise | ||
 |
Thanks for your response, Just wants to know any advance tax we have to pay... against the purchase of property... |  |
If you are referring to advance tax under Income Tax, then no. Tax will be paid only on income earned.
Further, as already pointed out by Renu Sharma, you need to deduct tax at source u/s 194IA on satisfaction of certain conditions.
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 13 August 2021
Yes TDS is to be deducted
Imthias ahamed Kormath
(910 Points)
Replied 13 August 2021
Can u explain tds credit system in bought/ sale of property such as land and building?
It treat as most competent matter in the Gst region than on the vat system.
Tds paid in the vat region for registration ,may get tds credit in the gst tds system for further dealing of same property ?
I request to experters that to express ur attitude in this regard.
It treat as most competent matter in the Gst region than on the vat system.
Tds paid in the vat region for registration ,may get tds credit in the gst tds system for further dealing of same property ?
I request to experters that to express ur attitude in this regard.
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 13 August 2021
TDS u/s 194IA referred in the above reply to the query is under Income Tax Act
Imthias ahamed Kormath
(910 Points)
Replied 14 August 2021
Can u explain tds in gst instead of tds in IT Act
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