Renting of immovable property
This query is : Resolved
Soufia T S
(Querist)
23 April 2016
One of our client took service tax registration expecting their rent will exceed Rs.10 Lakhs. But for the next year the rent didn't exceed the limit. Also one of the floor is let out to Bank and they are giving service tax along with rent. We have paid the service tax which we collected balance amount is taken as exempted. And next year the total rent received exceeds the exemption limit.ie; they got a sum of Rs.15 Lakhs. Will they get exemption for Ten Lakhs in this year?Is the entire amount is liable for service tax?
CA R SEETHARAMAN
(Expert)
23 April 2016
Ten lacs exemption available only for this year out of 15 lacs and from next year no exemption pay service tax on full amount.
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