GST on renting industry
This query is : Resolved
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Stephen Marks
(Querist)
25 March 2024
Respected Experts,
Ours is sole proprietorship concern on a rented property (land and buliding). Our proprietor has now bought that rented property in his Wife name. And we are planning to pay rent of Rs.1.00 lac in his wifes name and dedcut TDS at 10%. Wether GST will be applicable on rent in this case?
Ours is sole proprietorship concern on a rented property (land and buliding). Our proprietor has now bought that rented property in his Wife name. And we are planning to pay rent of Rs.1.00 lac in his wifes name and dedcut TDS at 10%. Wether GST will be applicable on rent in this case?
CA R SEETHARAMAN
(Expert)
26 March 2024
GST not applicable in this case as annual rent payment is less than 20 lacs.
Message likes :
2 times
CA Kushwanth AVSR
(Expert)
26 March 2024
If the property is a residential property, then RCM u/s 9(3) will be applicable as per the notification no. 5/2022 dt. 13th July 2022.
CA R SEETHARAMAN
(Expert)
26 March 2024
Yes, RCM applicable in such a case.
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