Renting of immovable property

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Sanjeev Khandelwal (Querist)
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13 April 2013 1. What is the method of making a rent bill?
2.Is total bill alongwith Service tax is to be considered for income tax purposes?
3.Service tax is payable on rent recieved or rent due. Please guide.

CA Vikas Acharya

CA Vikas Acharya (Expert)
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16 April 2013 make bill as:

service value *****
service tax ****
@ 12.36 %
--------
total

yes total to be considred,
but when the payer will deduct tds he will deduct only on service value and not on service tax portion under section 194I

point of taxation rule will be applicable, hence:
if bill made within 30 days of due date:-
bill date or money received date whichever is earlier.
if bill is not made in above time limit
due date or money received whichever is earlier.
and in case of advance, from the date of advance.

Note: in case of individual/partnership if aggregate value of services is upto 50 lakhs in the previous year then as per rule 6(1) of service tax rules the SP has option to pay service tax on receipt basis upto 50 lakh of service this year.

Note : residential property given on rent for residential purpose is exempt

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