Service tax on joint owners of property

This query is : Resolved

Vishwas Bidada (Querist)
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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.

Kishanlal Paliwal

Kishanlal Paliwal (Expert)
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09 March 2013 It is simply sharing between joint owners.
Also seems to be SSI

Regards
K.L.Paliwal

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