REAL ESTATE VALUATION ON TRANSFER OF AREA TO LAND OWNER

[GAURAV SHARMA]

Whether DEVELOPER can ignore valuation method as prescribed in Notification No.03/2019-CT(R) and determine valuation as per Rule 30 of the CGST Rules with regards to area being transferred to LANDOWNER under JDA?

AI Summary

Can developers use Rule 30 of CGST Rules over Notification No.03/2019-CT(R) for JDA land valuation? A query was raised regarding whether a developer can bypass the valuation method outlined in Notification No.03/2019-CT(R) and instead use Rule 30 of the CGST Rules for valuing the area transferred to a landowner under a Joint Development Agreement (JDA). One participant responded negatively, indicating that the prescribed valuation method cannot be ignored. The original inquirer requested further clarification on the reasoning behind this stance. The discussion is part of a forum focused on knowledge sharing about Goods and Services Tax (GST) issues.