K
Kesavan
Sir, the question is related to GST for Real Estate Sector
We are the Promotors
Our business is constructing building in Own lands and selling’s the Completed Buildings/Under Construction Buildings (Residential).
In Tamil Nadu,
First, we create a sale deed for the land on the name of customer, then we create a construction agreement between party and us.
1). Example:
Total Consideration Value is Rs 75,00,000.00/-
Land Value is Rs 30,00,000.00/-, Date of Creation/Registered of Sale Deed is 01-10-2021
Construction Agreement Value is Rs 45,00,000.00/-, Date of Registered of Construction Agreement is on 15-10-2021
1). In this situation, what is the GST Rate Applicable for construction of services?
2). On Which Amounts GST to be Calculated? Is on Total Consideration or Construction Agreement Value?
2). Example
70% of Works Completed in the Buildings and 30% Remains
In this Situation,
Total Consideration is Rs 75,00,000.00/-
Sale Deed will be created for Rs 52,50,000.00/- (Land + 70% of Completed Work)
Construction Agreement to be Registered for Rs 22,50,000.00/- of 30% Remains
1). In this situation, what is the GST Rate Applicable for construction of services and Sale of Under Construction Property?
2). On Which Amounts GST to be Calculated? Is on Total Consideration or Construction Agreement Value?
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After the new amendment I guess GST should be on construction contract at 5% if the project is not covered under PMAY
For further discussion you can book a phone consultation with expert at: https://www.taxontips.com/gst-consultation/
S
Suresh Ananthasubramanian
I need immediate assistance in filling up Form 26qb for a property purchased jointly by me and my wife from a seller in baroda
You can book phone consultation with expert for same at: https://www.taxontips.com/tax-notice-personal-consultation/
And then hire for filing TDS return as well
Please call CA Ganesh Kakani +91-9420683637 or mail caganeshkakani@gmail.com
T&C applyA
Arpit Agarwal
I am an NRI working in Netherlands. Can I do consulting for Indian IT company?
If yes then the income I receive will be taxable only in India or also in Netherlands.
I need more information on the nature of services being provided and your residential status as per income tax act.
I think you should book phone consultation for same with expert at: https://www.taxontips.com/tax-notice-personal-consultation/
S
Sanchay
I have booked a flat in october 2021.Deligery of flat is in 2024.can I claim 54f deduction if I pay my installment for flat by selling my shares and mutual fund. What all documents will I need and how can I claim it?
Yes you could get benefit if you get ownership of this flat within 3 years from sale of shares and if you fulfill other conditions of 54F.
You can read more at: https://www.taxontips.com/what-is-difference-between-exemption-u-s-54-and-54f/
You can book phone consultation with expert at: https://www.taxontips.com/tax-notice-personal-consultation/
P
Prashanth
Hello.. I have a company shares that i have not sold till date. My company is a German company and its listed in their stock exchange. Since i have a foreign investment, should i use ITR-1 or ITR-2?? Since i have not done any sell, there are no capital gains for me. so can i file ITR-1? or Is it mandatory to use ITR-2 to show that i have foreign company shares? Thanks in advance
Legally since you hold foreign assets you should disclose same and file ITR 2.
To get better consultation from expert you can book consultation at: https://www.taxontips.com/income-tax-return/
And consult about income tax return.
