Service Tax on rented income of Joint Property
This query is : Resolved
04 March 2008
Two individuals assessees(husband & Wife) having two separate service tax registration, jointly own a commercial property, which has been let out.
Can they save service tax by forming partnership. if yes, should partnership deed be executed before construction of property or can it be signed after construction of property?
Both the assessees are service tax payers in their proprietorship business thus limit of 8,00,000/- in each case has already been crossed. Rental income is 2,40,000/- jointly. I could not understand the last statement in Mr. Dayal's reply. Please explain
Please explain.
Can they save service tax by forming partnership. if yes, should partnership deed be executed before construction of property or can it be signed after construction of property?
Both the assessees are service tax payers in their proprietorship business thus limit of 8,00,000/- in each case has already been crossed. Rental income is 2,40,000/- jointly. I could not understand the last statement in Mr. Dayal's reply. Please explain
Please explain.
04 March 2008
A partnership deed will have to be formed prior to letting out / construction of property.
a new registration in the name of partnership firm will have to be taken and existing to be surrendered
But if the rental income is lower than 10 lacs for each of you, you may continue under independant registration
a new registration in the name of partnership firm will have to be taken and existing to be surrendered
But if the rental income is lower than 10 lacs for each of you, you may continue under independant registration
04 March 2008
04 March 2008
The non-taxable limit has now been enhanced to Rs 10 lakhs.
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