Gst on sale of ancestaral property

venkat b. (Querist) 14 June 2017 This query is : Resolved
sir,
My friend has committed to sale his parental property in Andhra Pradesh and the buyer would have to pay and get registered before Aug.1, 2017. So, Can someone throw me light on the effect of GST on this transaction. Is it better to get it done before July 31,2017 ? Whether the stamp duty is likely to be reduced or not by state government ?

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Guest (Expert) 14 June 2017
GST is not applicable in your friend's case. It is applicable only on sale of newly constructed property.

So far as stamp duty is concerned, no reduction in stamop duty. It has no concern with the GST. That is payable separately on the circle price or the market value, whichever is more.

venkat b. (Querist) 14 June 2017
Thanks a lot for your kind information.

Guest (Expert) 14 June 2017
You are welcome.

Kumar Doab (Expert) 14 June 2017
Sale of land and, sale of building except the sale of under construction building may not be treated as a supply of goods or supply of services and GST may not be levied in those supplies.

Kumar Doab (Expert) 14 June 2017
Your local senior very able Tax Consultant/CA of unshakable repute and integrity can advise you the best.

You can also post such query at sister website of LCI;

www.CAclubindia.com

Kumar Doab (Expert) 14 June 2017
Google search can also help to get you latest updates.

You can also search in SEARCH option at LCI……………………….’Search Q & A’ in middle of right hand side of this web page.
It is below ‘Share your knowledge’ button.

Share with us the result of your search.

Kumar Doab (Expert) 14 June 2017
Don't forget to share with us the result of your search:

at GOOGLE

and LCI

Kumar Doab (Expert) 14 June 2017
You must recheck with a local senior very able counsel of unshakable repute and integrity specializing in concerned filed of law.

Rajendra K Goyal (Expert) 14 June 2017
Discuss with local tax consultant.

venkat b. (Querist) 15 June 2017
thank you all, sir for sparing your time to reply.

Guest (Expert) 15 June 2017
You are welcome.

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