Assessee is renting a commercial immovable property with rental income of Rs.12,00,000- per annum. He is registered with service tax and is also paying service tax and filing regular returns.
He is planning to divide the property equally between him and his spouse by way of family settlement. Due to this his income will fall below 10 lakhs and he is exempt from paying service tax from the next financial year onwards.
Will the rental income from his spouse's share be included in the hands of the assessee by service tax authorities? Is there a clubbing provision akin to section 64 as per Income Tax Act?
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