Renting of immovable property: which value to be taken?

Hello,

 

What is the value of Renting under the head 'Renting of Immovable Property' taken into account? Is it the Rent itself or 'Rent minus Municipaly Taxes Paid/Payable'?

 

There is a commercial property which a Partnership Firm has rented out for Rs.1 lac per month which makes it Rs.12 lacs per annum. However, Municipal Taxes(total of paid and payable) amount to Rs.3 lacs. Will service tax be applicable considering there are not other services provided by the Partnership Firm?

Replies (1)
Please refer notification no.. 29/2012-- service tax issued by CBEC.. It contains ur answer alongwith justification

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