Home loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 August 2012
Pls can u help tell me if service tax is applicabke for giver or receiver of rental income. Is there a limit to the service tax. Can there be exemption of rental income against interest of home loan?
04 August 2012
Is your property rented for residential purpose or commercial purpose.
In case residential- no service tax
Commercial- yes however you can avail basic exemption of Rs 10lacs.
No deduction for interest.
View are personal and based on limited facts.
In case residential- no service tax
Commercial- yes however you can avail basic exemption of Rs 10lacs.
No deduction for interest.
View are personal and based on limited facts.
04 August 2012
Agree with Nilesh ji..
to add..
the service provider on receipt of rent from commercial properties (over and above the threshold exemption)
the Property tax can be deducted; on the total rent and the same to be passed on to the lessee.
to add..
the service provider on receipt of rent from commercial properties (over and above the threshold exemption)
the Property tax can be deducted; on the total rent and the same to be passed on to the lessee.
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 August 2012
Thanks for your help!
Pls can you confirm that if i let out my residential property to a company, service tax is applicable or not. The doubt being, you are giving the residential property to a commericial establishment. Besides is there a difference in taxation if we give the property to a private limited, partnership or properitorship firm.
Pls can you confirm that if i let out my residential property to a company, service tax is applicable or not. The doubt being, you are giving the residential property to a commericial establishment. Besides is there a difference in taxation if we give the property to a private limited, partnership or properitorship firm.
07 August 2012
Residential property for commercial purpose(for use of office etc) service tax would be applicable
Residential property for residence purpose service tax would not be applicable.
Irrespective of the fact who is the service receiver.
Trust the above clarifies.
Residential property for residence purpose service tax would not be applicable.
Irrespective of the fact who is the service receiver.
Trust the above clarifies.
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