Service tax on immovable property
This query is : Open
Querist : Anonymous
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
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
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
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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