Service tax on residential property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 May 2012
Dear Experts,
We are a partnership Firm, we have purchased two Residential Flats in an Apartment. Now we are letting it out for Rent. Is service Tax applicable on Residential Flat.
We are a partnership Firm, we have purchased two Residential Flats in an Apartment. Now we are letting it out for Rent. Is service Tax applicable on Residential Flat.
Rajnish Singh
(Expert)
04 May 2012
DEAR SIR,
IF THIS PROPERTY ARE PURCHASE UNDER THE NAME OF FIRM AND PUT IT ON RENT . THAN SERVICE TAX IS APPLICABLE .
IN OTHER HAND EXEMPTED SUBJECT TO INCOME TAX ONLY.
FOR MORE DETAILS SEE THE RULE OF RENTAL INCOME OF IMMOVABLE PROPERTY.
IF THIS PROPERTY ARE PURCHASE UNDER THE NAME OF FIRM AND PUT IT ON RENT . THAN SERVICE TAX IS APPLICABLE .
IN OTHER HAND EXEMPTED SUBJECT TO INCOME TAX ONLY.
FOR MORE DETAILS SEE THE RULE OF RENTAL INCOME OF IMMOVABLE PROPERTY.
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