TMI BlogITC ON CAPITAL GOODS FOR CONSTRUCTION OF BLDGX X X X Extracts X X X X X X X X Extracts X X X X ..... Can an assessee take ITC on Capital Goods used for constuction of building as well as interior furniture, if the property so construction is used for renting purposes. 1. CAse 1: Renting of Rooms lik ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e a Hotel 2. Case 2: Renting of Banquet Hall for marriage purposes. Your opinion is highly recommended. - Reply By Shilpi Jain - The Reply = Credit will not be eligible to the extent of capitalisa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion to the building. The interior furniture would generally be movable and would be capitalised under furniture and fixtures. Credit should be eligible for this as it would not fall under sec 17 re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... striction. CG specifically used for construction of building would not be eligible unless you wish to follow the decision given in the case of Safari Retreats, which is now pending before the SC. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - Reply By DR.MARIAPPAN GOVINDARAJAN - The Reply = I endorse the views of Shilphi Jain. - Reply By KASTURI SETHI - The Reply = In this scenario, ITC is not allowed. - Reply By Himansu Sekhar - T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Reply = No ITC is allowed. It is barred by sec 17(5) . - ITC ON CAPITAL GOODS FOR CONSTRUCTION OF BLDG - Query Started By: - NAMAN DOKANIA Dated:- 1-3-2021 Goods and Services Tax - GST - Got 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... MITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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