Just a Query about Co relation of Service tax on Rent & Property TAx Paid.
If an entity pays ST on Rent as leviable......& also Property tax against same property.....is any setoff available among the two.
Say if 100Rs Rent
Rs 10 Property Tax
& ST caln also comes to say 10Rs.
Thn Property tax set off is availble or not.
or the viceversa ......
Kindly Let me know.
Thanks & Regards
No such set-off is available. The property tax is levied on your property as per the applicbale amounts of the Municipal corporation, while the service tax is levied on your the rent whihc is considered as your income.
You get the benefit of property tax paid only if you have let-out your property & you are earning rental income.
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