Municipal tax paid on Commercial Property
This query is : Resolved
20 March 2009
In computing the service tax liability with respect to rental income from immovable properties, can we deduct the municipal tax paid on the commercial property from the gross rent received?
20 March 2009
Yes property tax is to be deducted from the gross receipt against rental income.
21 March 2009
With regard to Service Tax also, there is provision to deduct Property Tax from rent. For Notification details, visit https://www.caclubindia.com/forum/messages/2008/4/8575_set_off_rebate_on_service_tax.asp
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