Calculation of basic exemption for service tax
This query is : Resolved
05 October 2014
Does rental earnings received from letting out of a residential building needs to be included in rental earnings from commercial letting while calculation of Basic exemption limit for service tax exemption?
Say, for example, Mr X receives Rs 864000 annually as rental income by way of letting out his commercial shop and Rs 324000 annually from renting out a residential property. Now, whether he is liable to pay service tax as his total rental receipts are more than 10 lac?
Say, for example, Mr X receives Rs 864000 annually as rental income by way of letting out his commercial shop and Rs 324000 annually from renting out a residential property. Now, whether he is liable to pay service tax as his total rental receipts are more than 10 lac?
05 October 2014
Rent from residential property used for residence is exempted from service tax. Hence he is not liable to pay service tax.
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