Forums
Please Give some examples
Indirect Taxation
In charge of Gst chapter in sec 9(3) Rcm Give some example to Understand the provision of "Long term Lease of land(30 Years or more) by any person to a promoter for a construction of project
Answers (3)
The developer provides money or a fixed quantity of flats to the land owner or share in the revenue from sale of the flats or combination of three. The landowner would not make any monetary payment to the developer , but only grant development rights concomitant to the land coupled with the agreement to transfer the proportionate land. Development Right (DR) refer to the rights that permit promoters to modify or improve their property within the limitations of the law. Exemption in the GST on transfer of TDR,FSI or Long Term Lease: As per Notification No.04/2019-CT(Rate) 29.3.2019 w.e.f.01.04.2019. It is exempt, except where entire consideration has been received after issuance of CC or OC. It may be noted that exemption is not available for construction of commercial apartments.
Courses
Course Guides
Offerings
CIN: U74999TG2017PTC116012 | GSTIN: 36AAECI4332C1Z0 | PAN: AAECI4332C