Gst of 5% in sale deed value for finished house
Venkatesh
(Querist) 25 January 2022
This query is : Resolved
My builder is selling a finished house for 32 lacs to me. But asking GST of 5%etc. But he no where mentioned in sale deed that GST value. I believe for finished house no gst applicable. But what he is saying, until occupancy certificate received and property tax paid, it won't considered finished property. So tax should be paid. Please suggest. Is it correct statement?
Dr J C Vashista
(Expert) 26 January 2022
I think there should not be any GST on such house.
Consult a local chartered accountant / lawyer practicing tax matters
kavksatyanarayana
(Expert) 26 January 2022
Yes. Better to consult a local CA. It is known that affordable Housing is 1% without ITC (input tax credit) and Non-affordable Housing is 5% without ITC.
Sri Vijayan.A
(Expert) 30 January 2022
He might have bought the vacant land, built the house.
So, the GST would be there.
But the thing is who is to pay the tax. It is to be negotiated and settled.