Hello i am in a jda with a builder. I am the land owner. The agreement happened in the year 2013 and the project is now ready to move in although it hasn't received the completion certificate.
I was given flats as part of my share in the agreement. Inorder to save me from immediate tax liability my Ca suggested that we convert the assets into stocks and pay the tax over the years.
I had held on to my share so far but want to start selling now. I want to understand:
# my gst liability if any and the gst rate ?
( even if it is to be paid by coustomers)
# can i get some input tax credit on the gst paid?
#what all taxes do i i need pay finally? ( Do i i need to pay Gst + income tax + capital gains)
Developer in Joint Development Agreement Faces 5% GST on Residential, 12% on Commercial Units; No Input Tax Credit Available. A developer in a joint development agreement (JDA) with a builder, who is the landowner, inquired about tax compliance under the Goods and Services Tax (GST). The agreement was made in 2013, and the project is ready but lacks a completion certificate. The landowner received flats as part of their share and seeks to sell them, questioning their GST liability, potential input tax credit, and overall tax obligations, including income and capital gains tax. The response indicated a GST liability of 5% for residential units and 12% for commercial units booked before completion, with no eligible input tax credit. (AI Summary)
TaxTMI 
TaxTMI 
