Tax on property to use
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 January 2013
Any expert, Please guide me.
A pvt. ltd. co. is in a possession of immovable property (premises at a building), entered into the partnership wtih a Regd.Firm in the fin. yr, 2005-06. Just to bring in the capital they allowed the firm to use their premises. Property did not trd. to the firm. Profit or loss trd. since then accordingly to the partner by the firm till today. My queries : (1) Is there any obligation towards service tax by the firm for transfering profit to the pvt. ltd. co.? (2) Profit distributed as per ratio in agreement, trd. by the firm ... can it be considered as part and partial of rent by Service Tax Department for levy of Service Tax .? "YES" or "NO". Please explain in details with your opinion and applicable ACT.
A pvt. ltd. co. is in a possession of immovable property (premises at a building), entered into the partnership wtih a Regd.Firm in the fin. yr, 2005-06. Just to bring in the capital they allowed the firm to use their premises. Property did not trd. to the firm. Profit or loss trd. since then accordingly to the partner by the firm till today. My queries : (1) Is there any obligation towards service tax by the firm for transfering profit to the pvt. ltd. co.? (2) Profit distributed as per ratio in agreement, trd. by the firm ... can it be considered as part and partial of rent by Service Tax Department for levy of Service Tax .? "YES" or "NO". Please explain in details with your opinion and applicable ACT.
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 March 2013
my problem is not solved with these suggestions.
The property is given to use for becoming a partner. Why it should be considered as property is given on rental baasis and service tax etc. are leviable by the department?
The property is given to use for becoming a partner. Why it should be considered as property is given on rental baasis and service tax etc. are leviable by the department?
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