Rebate
This query is : Resolved
aishwaryanoorni
(Querist)
10 June 2015
Hello Santosh sir it is commercial property and annual income crosses 20 lakhs
MOHAMMED HUSSAIN
(Expert)
10 June 2015
Dear Author, if the commercial property rent is not exceeded Rs.10.00 lakhs in preceding financial year (F/Y), you will get the exemption of Rs.10.00 lakhs in next F/Y. Then afterwards, you have to pay service tax on applicable rates. These rates are 12.36% upto 31.05.2015 and 14% from 01.06.2015 onwards. Please also note that while paying the service tax, you will get exemption of property tax paid on such commercial rental income proportionately. Pl ask for further clarifications if any on the matter.
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