Renting of immovable property

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mOHIT sONI (Querist)
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07 August 2012 Dear Expert
I have given a land on rent amounting to Rs.2,50,000/- per month on 1st July 2012.In that i have following questions:
1. Can i get benefit of threshold exemption in first year ?
2. My aggregate value of trunover will definatelly will exceed Rs.9,00,000/- So when i have to take registration number ?
3. If i take registration now i.e. before exceeding Rs.9,00,000/- can i get benefit of exemption ?
4. Procedure for registration ?
Plz Urgent.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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07 August 2012 1.Renting of residential dwelling for use as residence is not taaxble but renting of land is taxable service.
2. You can get the benefit of Rs 10 lakhs in the current year and service tax shall be charged on the rent received crossing the limit of Rs. 10 lakhs.i.e first 10 lakhs no service tax.
you will have to take registration within 30 days from the date rent received crosses the limit of Rs. 9 lakhs.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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07 August 2012 Procedure for Registration:-
Fill the Form ST-1 in duplicate. (Form ST-1 is available on the departmental website (www.cbec.gov.in). Enclose photocopy of PAN card, proof of address to be registered and copy of constitution/ partner ship deed etc. of the firm, if any.

Copy of PAN card is necessary as a PAN based code (Service Tax Code) is allotted to every assessee.

These forms are required to be submitted to the jurisdictional Central Excise office (in case of seven Service Tax Commissionerates, to the jurisdictional Division office). There are separate service tax commissionerates in Mumbai, Chennai, Delhi, Kolkata, Bangalore and Ahmedabad as mentioned in the previous chapter).

A person liable to pay service tax should file an application for registration within thirty days from the date on which the service tax on particular taxable service comes into effect or within thirty days from the commencement of his activity

mOHIT sONI

mOHIT sONI (Querist)
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07 August 2012 Thank you sir.
But if i take early registration can i get exemption of Rs.10,00,000/- ?

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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07 August 2012 Yes.. you can get the benefit in the first year only even if you take early registration.

mOHIT sONI

mOHIT sONI (Querist)
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07 August 2012 Thanks Sir.

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mOHIT sONI

mOHIT sONI (Querist)
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08 August 2012 Amit sir,

Now
whether above copies are needed tobe self certified(PAN etc. for registration purpose).

And in ST-3(Return) how we have to show threshold exemption.

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