hiiiii
is there any clearification on the issue of renting of immovable property.... plz circular no??
Sharad Saini (Student) (286 Points)
16 July 2010hiiiii
is there any clearification on the issue of renting of immovable property.... plz circular no??
P.Bashista
(Advocate)
(367 Points)
Replied 16 July 2010
The renting of immovable property for business and commerce activity is taxable from 01.06.2007 vide notification No. 3/2007 dated 22.05.2007.
The property used for residential purpose does not fall in this ambit.
Indudhar
(Tax Advocate)
(427 Points)
Replied 19 July 2010
| Originally posted by : P.Bashista | ||
 |
The renting of immovable property for business and commerce activity is taxable from 01.06.2007 vide notification No. 3/2007 dated 22.05.2007. The property used for residential purpose does not fall in this ambit. |
 |
Thanks for the solution, I want to clarify whether the same apllies to Granite Quarry land given on lease for Rs 40lakhs per annum. what is rate and who should pay it.
Please guide me and thanks in anticipation
Ganesh
(CA)
(111 Points)
Replied 20 July 2010
Dear Indudhar,
If you look at the definition of Immovable Property as per section 65 (105)(zzzz), it specifically excludes Vacant land solely used for Mining purposes. Hence, mining activities will not be under the purview of tax on Renting of Immovable Property.
Ganesh.
CAclubindia
