service tax on rent
This query is : Resolved
Seema Karwa
(Querist)
08 April 2010
A landlord has became an Assessee since rental income exceeded Rs.10 lacs in the 1st year. Rental has got reduced due to market recession and has become less than Rs.10 lacs (annual) in the second year. Is he still liable to claim service tax (from tenant) and pay to the exchequer?
ca dipti sharma
(Expert)
08 April 2010
If rental income exceeds the limit of Rs 10,00,000/- in previous financial year, then only he is liable to pay service tax and claim accordingly from tenants.
08 April 2010
AGREE
CA Gangadhar Mishra
(Expert)
08 April 2010
If commercial rental income exceeds 10 lacs in the previous year then service tax is applicable from the date in which the amount exceeds 10 lacs. in the subsequent year even if your rental income is less than 10 lacs you are liable to pay service tax. but in the 3rd year service tax is not applicable since in 2nd year amt recd is < 10 lacs, but it will be applicable when amt recd exceeds 10 lacs.
CA Ashok Kumar Sahu
(Expert)
08 April 2010
AGREE WITH MISHRAJI
CA Ravi Sisodia
(Expert)
08 April 2010
Agreed
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