Service tax where rent is shared.
This query is : Resolved
04 January 2014
I have a commercial property rented for hospital with annual rent of 162000(after TDS by tenant).
My question is regarding service tax,
I understand that landlord is suppose to pay the service tax unless specified in agreement(which I did not), so I have to bear it.
Now as per agreement and registered documents there are 3 people as landlords(we are 3 brothers) in other words the rent is been paid by hospital splitting into 3 equally.
So each individual person annual income works out to be aprox Rs.5,40,000.
Will there be any question of paying service tax?
Please advise.
Thanks in advance
My question is regarding service tax,
I understand that landlord is suppose to pay the service tax unless specified in agreement(which I did not), so I have to bear it.
Now as per agreement and registered documents there are 3 people as landlords(we are 3 brothers) in other words the rent is been paid by hospital splitting into 3 equally.
So each individual person annual income works out to be aprox Rs.5,40,000.
Will there be any question of paying service tax?
Please advise.
Thanks in advance
04 January 2014
yes in the ratio of ownership or share OF income service tax needs to be paid by all of them.
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05 January 2014
Thanks for your advise, but what if in case where the share of each is not exceeding 10lc?
Each owner is taking 6lacs PA.
Please advise.
Each owner is taking 6lacs PA.
Please advise.
05 January 2014
Each co owner can enjoy ssi exemption 10 lakhs
.
.
so if their rental receipts from all properties they have not exceeded 10 lakh they dont need to collect service tax
.
.
service tax required to be paid if it is claimed by owner..in you case as you said it is not required
.
.
so if their rental receipts from all properties they have not exceeded 10 lakh they dont need to collect service tax
.
.
service tax required to be paid if it is claimed by owner..in you case as you said it is not required
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06 January 2014
Yes the slab of 10 lakhs needs to be seen for individual and if it does not exceeds rs 10 lakhs then no need to pay any service tax.
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