Refundable security deposit for immovable property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 April 2012
Hi Sir,
Is security Deposit Collected on refundable basis for Immovable Property (Commercial)for renting of immovable property. Is it Taxable as advance taken under Service Tax?
Thanks & Regards,
Upendra
Hi Sir,
Is security Deposit Collected on refundable basis for Immovable Property (Commercial)for renting of immovable property. Is it Taxable as advance taken under Service Tax?
Thanks & Regards,
Upendra
24 April 2012
If it is refundable then no service tax is required to be paid. However if it is to be adjusted against rent payable then it shall be considered as advance received and accordingly service tax is to be paid.
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