Renting of property
This query is : Resolved
08 January 2016
Service tax liability fr Leasing of property incl. land n bldg & plant n machinery under common lease rental agreement having lease rental fr 2 lakhs p m 50% on p/m n bal on L & bldg.
KAVIRAJA ADDANGADI
(Expert)
08 January 2016
Renting of Immovable Property attract Service Tax,Section 65 (105) (zzzz). Renting of immovable property has been brought into tax net vide Notification No. 23/2007-ST dated 01.06.2007. But After 1.7.2012, the transition involves shift from taxation of 119 service-specific descriptions to a new regime whereby all services will be taxed unless they are covered by any of the entries in the negative list or are otherwise exempted. Accordingly as per clause (44) of section 65B of the Act it has also been stated that service includes a declared service. And Renting of Immovable property is the part of declared service.
Only Land and building will attract Service tax as it crosses threshold limit.
Only Land and building will attract Service tax as it crosses threshold limit.
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