Rent from property
This query is : Resolved
10 October 2012
Is service tax applicale on rent received from any property.If yes
1. Is it on Both Residential / commercial property
2. Is there any basic exemption limit
3. who is liable to collect the service tax. Rent Payer or receiver
1. Is it on Both Residential / commercial property
2. Is there any basic exemption limit
3. who is liable to collect the service tax. Rent Payer or receiver
10 October 2012
1. Rent on property used for residential purpose is out of the purview of service tax.
2. Threshold limit of Rs. 10/lakhs can be availed vide notification 8/2008 ST dated 1/3/2008.
3. Land lord has to collect from tenant @ 12.36% on the rent as reduced by the annual building tax paid.
2. Threshold limit of Rs. 10/lakhs can be availed vide notification 8/2008 ST dated 1/3/2008.
3. Land lord has to collect from tenant @ 12.36% on the rent as reduced by the annual building tax paid.
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