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I have property let to rent for Essar petrol bank for 70000 a month and I do have income sources from business which both put together raises my tax burden. So I have decided to transfer the property to huf and reduce my tax ability.Pls guide me with steps and with pros and cons
Replies (8)
Tax liability will not reduce, because of clubbing provision....
Thank you sir
One more query
Who must pay the gst for rent the Tenent or the land lord
If landlord is registered under GST, he has to collect GST in addition to rent from tenant and pay it to treasury. But if the rent levied is inclusive of all such taxes (check rent agreement), in that case landlord has to pay it from the rent collected.
Sir thank you so much for responding
Sir Tenent is saying he ll not give gst
But in agreement it's clearly stated that land tax is born by landlord and service N business tax by the Tenent
How can I convince the Tenent to pay gst is there a way to proceed
Is land lord registered under GST?
If yes, Is he charging GST over and above rental charges?
As per GST act rental service for commercial usage is chargeable to tax at 18%; and the GST is to be paid by service receiver.
Sir the land lord is registered under gst
Gst charged on rent is 18%
70000+12600=82600
He is not cooperating how to handle him
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