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Service tax on immovable property

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 March 2012 Dear Sir,

If annual Rent is Rs. 75,00,000/-. how to adjust rebate from ndmc, less property tax and calculate Service Tax on this amt.? thanks in advance

Regards
Manoj
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Arun Gulati

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Arun Gulati (Expert)
10 March 2012 You may please refer Notification No. 24/2007-ST, dated 22-5-2007 wherein following example is given


Example:
Property tax paid for April to September = Rs. 12,000/-
Rent received for April = Rs. 1,00,000/-
Service tax payable for April = Rs. 98,000/- (1,00,000–2,000) * applicable rate of service tax
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