• Shift from one underconstruction project to another underconstruction project with same builder

I have purchased flat which is under construction and 90% of payment paid before june 2017 with service tax of 4.5% Now I want to upgrade to another project with same builder. do I need to pay revised GST for already paid amount ? Can I continue with same bank loan or have to apply for new loan?
Asked 4 years ago in Property Law
Religion: Hindu

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7 Answers

Hi

There are some provisions provided by the govt. To adjust the GST amount but here in your matter try consulting with the builder as this could be done in accordance with the rules and conditions you signed with builder during purchase of first flat.

Transfer of loan can be done for that apply to the concerned bank.

Thank You

Rahul Jatain
Advocate, Rohtak
5365 Answers
4 Consultations

4.8 on 5.0

You may have to pay GST only for the difference in the consideration amount to be paid to the builder.

Since you have given collateral security to the bank, the upgraded property may have to be replaced with the permission of the bank towards the collateral security.

You can enquire about the feasibility and further formalities in this regard.

T Kalaiselvan
Advocate, Vellore
78089 Answers
1543 Consultations

5.0 on 5.0

Hello,

you will have to apply for a fresh bank loan, for any payment that will be made now you will have to pay the GST.

Also, talk to the bank once might be that they allow you to continue with the previous loan since the builder is same.

regards

Anilesh Tewari
Advocate, New Delhi
17940 Answers
377 Consultations

5.0 on 5.0

You have to pay GST for balance amount payable

2) you would be required to repay the bank loan in case you sell the flat

3) loan can be transferred in favour of purchaser of your flat

Ajay Sethi
Advocate, Mumbai
87932 Answers
6207 Consultations

5.0 on 5.0

If the amount is same then just mention the change in plan and address of the new project plus ask for the new verification.

If no further extra amount then may not have to give revised GST.

Sanjay Baniwal
Advocate, South Delhi
5464 Answers
13 Consultations

5.0 on 5.0

Dear Cleint,

After GST came into force, any payment made will be subject to GST.

Shift do not amounts to new purchase but settlement through allocation in another flat, adjusted with already money paid.

And any excess if payable that only subject to GST 12% for under construction flats.

About bank loan thing, depends on bank condition.

Yogendra Singh Rajawat
Advocate, Jaipur
21481 Answers
31 Consultations

4.4 on 5.0

If you have paid it earlier for the same flat then you don't have to but this is a new flat and he will charge you get on the same. If the invoice is not raised on the balance amount he will charge gst on the same. He will get the input credit on the same which will be passed on to buyer.

Prashant Nayak
Advocate, Mumbai
27261 Answers
88 Consultations

4.4 on 5.0

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