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Applicability of Transfer of Unconstructed Building, Goods and Services Tax - GST

Issue Id: - 117344
Dated: 9-7-2021
By:- Punit Agarwal
Applicability of Transfer of Unconstructed Building

  • Contents

An assessee has carried out a Joint Development agreement for construction of a building. The assessee has partially constructed the Building and is out of Money and so decides to sale the project to another another Builder.

A triparti agreement is made between Landower, the assessee and the other Builder.

1. What will be the GST implication on transfer of under-constructed building by the Assessee to the other Builder.

2. Can we claim exemption as (Transfer of business as going Concern).

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Showing Replies 1 to 2 of 2 Records

1 Dated: 12-7-2021
By:- Shilpi Jain

This would require further facts and analysis to conclude.


2 Dated: 12-7-2021
By:- Shilpi Jain

For exemption as going concern transfer it is necessary that all the assets and liabilities that are required for continuing the business are transferred for a lumpsum consideration,.


1

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