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Selling Fitting and Fixtures

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Selling Fitting and Fixtures

Last updated: October 25 2018
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  • Selling Fitting and Fixtures

    Hi,

    I recently bought a house in June'2018 gurgaon and i have a bank loan running up as well , Apart from the cirle rate i have paid an additional amount of 7.5 lakhs for fitting and fixtures via cheque.

    I am starting to renovate the house , and i am thinking to sell all the fitting and fixtures and furniture of the house for the same amount. Will i attract any tax if i do it ?
  • #2

    #2

    Re : Selling Fitting and Fixtures

    Originally posted by mackmukul View Post
    Hi,

    I recently bought a house in June'2018 gurgaon and i have a bank loan running up as well , Apart from the cirle rate i have paid an additional amount of 7.5 lakhs for fitting and fixtures via cheque.

    I am starting to renovate the house , and i am thinking to sell all the fitting and fixtures and furniture of the house for the same amount. Will i attract any tax if i do it ?
    It would attract the prevalent rate of GST on fittings and fixtures .
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    • mackmukul
      mackmukul commented
      Editing a comment
      any idea how much will that be ?
      I mean to ask what percentage ?

      Also since fitting/furniture and fixtures are depreciating asset , can i claim any other benefit on that ?

    • MANOJa
      MANOJa commented
      Editing a comment
      GST i suppose would be 18% & you can always show the sale at a much lower price, as they are used/second hand & take some money in cash . Alternatively, do a total cash deal to avoid GST .
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