GST EXEMPTION ON COMMERCIAL RENT INCOME
This query is : Resolved
15 October 2020
Respected Sir,
Kindest regards to all of you.
Please guide me and oblige.
Basically I am a builder and developer. I have few unsold flats also which I have given on Rent. Total Rental Income is below Rs 10 lacs yearly during the financial year 2018-19. Whether should I collect 18% GST from my tenants or I am totally exempted from GST on such a rental income of Rs 10 lacs yearly.
Kindest regards to all of you.
Please guide me and oblige.
Basically I am a builder and developer. I have few unsold flats also which I have given on Rent. Total Rental Income is below Rs 10 lacs yearly during the financial year 2018-19. Whether should I collect 18% GST from my tenants or I am totally exempted from GST on such a rental income of Rs 10 lacs yearly.
15 October 2020
No, you are not exempted if your total turnover of all businesses including of builder and developer is exceeding 20 lakh rupees. You have to charge GST on renting services if you are register/covered under gst.
15 October 2020
Soodji Regards
I am highly obliged and grateful for your guideline.
I am highly obliged and grateful for your guideline.
15 October 2020
If the use of flat is for residence by the tenant then because flat is a residential property and the use is for residence then rent for such residential property is exempt
15 October 2020
Thanks with kindest regards for your guideline.
15 October 2020
Title of the query mentions commercial rental income. If property is used for commercial purpose by the tenant then it is taxable and exempted if used for residential purpose.
15 October 2020
Thanks sood ji for your guidelines.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- ITC EXCESS CLAIM + RCM NOT PAID...BOTH FOR FY 2020-21......PAID IN FY 2024-25....EFFECT
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
