if somebody rents his property for residential purpose and renting is his business than is service tax applicable?
under which head income would be reported for income tax
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Service tax on renting of immovable propery
Replies (3)
1. Any rent from house property, whether received by a dealer or a landlord, is taxable under the head ‘Income from house property’. It will remain so even if the property is held by the assessee as stock-in trade of a business or if the assessee is a company which is incorporated for the purpose of
building houses and letting them on rent.
2. With effect from 1st July' 2013, service includes Declared service. Declared service are those services which would be deemed to be services. Renting of Immovable property has been specifically mentioned as a declared service. Hence service Tax to be paid @ 12.36%
However Residential units let out for use as Residence are exempted from service Tax.
However Residential units let out for use as Residence are exempted from service Tax.
thanks sir
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