Manish (Manager) (24 Points)
28 August 2013One of my client is registered in Service Tax since 2008. In 2008 his income from Business was 11 lakh and paid service as applicable. After this year his income is only 2.5 lakh p.a. and which is from House Property (Rental Income).
In 2012-13: Is he liable to pay service tax on the rental income? Please clarify.
Manikanth
(Chartered Accountant)
(342 Points)
Replied 28 August 2013
Once the turnover of the business exceeds Threshold limit of 10 Lakhs, liable for the payment of service tax would remain even in the next year turnover is lower than the threshhold limit
Dinesh Jain
(Audit Assistant)
(21 Points)
Replied 28 August 2013
No need to pay service tax.. Because the income you have received is only from house property and unless your nature of business is real estate or construction or letting out of immoveable property then your liable to pay service tax..
milesmaxx
(Student Others)
(34 Points)
Replied 28 August 2013
Yes he is liable to pay the service tax.
The tax applies to renting of commercial property, where the rental amount exceeds the exemption limit of Rs 10 lakh per annum. Present rules, however, exempt renting of immovable property to educational institutions from service tax. Renting of residential property, regardless of the rental amount, is also exempt from service tax.
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Krital Kumar
(M.Com)
(22 Points)
Replied 28 August 2013
Krital Kumar
(M.Com)
(22 Points)
Replied 28 August 2013
Ramanuj
(Accountant.)
(834 Points)
Replied 29 August 2013
Dear all
I think Service tax is not liable for payment because have rental income not service provider have income so that It is a income form horse property not. services received. but i am not confirm. Please if any one known details about this give. because answer is different.
thanks
Regards
Ramanuj
Rohit kumar
(B.Com)
(21 Points)
Replied 29 August 2013
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