Renting of immovable property
This query is : Resolved
30 November 2012
Dear all,
When rent is collected along with service tax, whether the deduction for property tax is available or the whole amount collected as ST to be paid?(without pro.Tax adjustment)
Thanking you
When rent is collected along with service tax, whether the deduction for property tax is available or the whole amount collected as ST to be paid?(without pro.Tax adjustment)
Thanking you
30 November 2012
The procedure is you can deduct property tax (proportionate) value in the monthly rent and collect service tax on the balance amount.
Rent Rs.10,000.00
Less: prop tax Rs. -1000.00
------------
Net Rs.9000.00
Add: Ser.tax @ 12.36% .....
Rent Rs.10,000.00
Less: prop tax Rs. -1000.00
------------
Net Rs.9000.00
Add: Ser.tax @ 12.36% .....
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