03 August 2016
Dear Sir, Kindly clarify whether the service tax applicable for the following case or not? Mr. A & Mr. B are purchased a vacant site jointly (50% each) and they entered into an agreement for construction of commercial building with Mr. C and D. The agreement conditions are : 1. The land lords (i.e. Mr. A & B) holds the constructed property 50% on total constructed area by C & D. 2. The remaining 50 % shall goes to the builders' share and accordingly Mr C & D holds the share @ 50% Now the four members are agreed to let out the property to xyz co., on a monthly rent of Rs. 4,00,000/- (Total per annum Rs. 48,00,000/-). Now let me know the service tax implication. regards Kotes
06 August 2016
Thanks a lot for your early reply. Sir, One more doubt. If the monthly rent is Rs. 3,00,000/-, then what would be the tax liability on the Individual hands amongst for members. Pl let me know.
15 August 2016
Dear Sir, Namasthe, One of my clients having prawn culture business. The Client is purchasing the prawn seed and growing the same. The client expenses are, cost of seed, cost of feed and chemicals, electricity, diesel, lease for the land, mintaing the ponds and etc,. Now my doubt is, while preparing the ITR, the NATURE OF BUSINESS in ITR Column, which I have to select, whether it comes under trading?, if it falls under trading activity then what would be the sub category, i.e., "RETAIL TRADING, WHOLE SALE or TRADING OTHERS". Kindly reply at the earliest possible. THANKING YOU SIR, Kotes
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