one of our client has an agreemnet with airline company . client has given his flat on rent to that company and it is mentioned in agreement that the flat will be used for residential purpose for its top official like CEO CFO etc. should we collect service tax on rent.
RENT IS 50.00 LACS. DOES RENTING A HOUSE TO COMPANY FOR RESIDENTIAL PURPOSE FOR ITS TOP OFFICIAL AMOUNT TO FURTHERANCE OF BUSINESS OR NOT.
11 February 2012
As per explanation to Section 65(105) (zzzz) of Finance Act, 1994 term 'immovable property' does not include buildings solely used for residential purposes.
CAclubindia
