Service tax on rent

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Ashish (Querist)
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19 October 2012 Please let me know the service tax calculations on renting 6000 Sq.ft building area to a nationalized Bank. The rent receivable is Rs. 1,50,000.00 per month. I am a salaried person.

Ksreddy

Ksreddy (Expert)
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19 October 2012 Dear Sir, Service tax exemption limit is Rs.150000/- per annum. You crossed your limit hence you have to opt for service tax registration and pay.

CA NIKHIL OZA

CA NIKHIL OZA (Expert)
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20 October 2012 If its the first year u need to charge s.tax on amount exceeded 10 lakh ...and from next year charge on total amount....rate of service tax as of now is 12.5%...if any property tax is paid such amount to be deducted from such value...

Ashish

Ashish (Querist)
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20 October 2012 There is an immovable property(not a agriculture land),title in the name of my father ,me & my mother are co-owner . we want to rent the property. And expected rent would be around Rs. 1.25 - 1.5 lakhs per month.what will be the service tax implications??