Service tax on joint owners of property
This query is : Resolved
08 March 2013
X AND Y ARE JOINT OWNERS OF A PROPERTY. SHARING @ 25% AND 75% RESPECTIVELY.
Z WHO HAVE ENTERED IN TO A CONTRACT WITH Y FOR TAKING THE IMMOVABLE PROPERTY OF X AND Y ON RENT.
Z IS PAYING AN MONTHLY FIXED RENT OF 115000/- TO Y.
Y IS PAYING SERVICE TAX ON THAT @ 12.36% I.E. ON 115000 12.36% THAT EQUAL TO 14214.
Y IS PAYING 25% AMOUNT TO X I.E. 25% OF 115000 = 28750.
X IS PAYING SERVICE TAX ON THAT I.E. 28750*12.36% = 3554
NOW CAN Y CAN TAKE INPUT CREDIT OF RS. 3554/-
PLEASE REPLY ME AS EARLY AS POSSIBLE.
Z WHO HAVE ENTERED IN TO A CONTRACT WITH Y FOR TAKING THE IMMOVABLE PROPERTY OF X AND Y ON RENT.
Z IS PAYING AN MONTHLY FIXED RENT OF 115000/- TO Y.
Y IS PAYING SERVICE TAX ON THAT @ 12.36% I.E. ON 115000 12.36% THAT EQUAL TO 14214.
Y IS PAYING 25% AMOUNT TO X I.E. 25% OF 115000 = 28750.
X IS PAYING SERVICE TAX ON THAT I.E. 28750*12.36% = 3554
NOW CAN Y CAN TAKE INPUT CREDIT OF RS. 3554/-
PLEASE REPLY ME AS EARLY AS POSSIBLE.
09 March 2013
It is simply sharing between joint owners.
Also seems to be SSI
Regards
K.L.Paliwal
Also seems to be SSI
Regards
K.L.Paliwal
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