Renting of immovable properties
This query is : Open
28 May 2015
Guys,
The assessee is collecting say 1000 as rent and st of 123.6. He has paid property tax of say 100. So actual st liability is (1000-100)*12.36% which comes to 111.24. If the client chosses to pay as per the assessable value, he would have collected excess ST. So the best way woud be to pay of the whole service tax collected right?
As per Notification No. 29/2012, Assessable value for renting of immovable properties is Gross value LESS property Tax paid (On proportionate basis.
If assessee pays excess service tax he can adjust it upto one year.
Kindly clarify.
Regards Sashi
The assessee is collecting say 1000 as rent and st of 123.6. He has paid property tax of say 100. So actual st liability is (1000-100)*12.36% which comes to 111.24. If the client chosses to pay as per the assessable value, he would have collected excess ST. So the best way woud be to pay of the whole service tax collected right?
As per Notification No. 29/2012, Assessable value for renting of immovable properties is Gross value LESS property Tax paid (On proportionate basis.
If assessee pays excess service tax he can adjust it upto one year.
Kindly clarify.
Regards Sashi
29 May 2015
You have rightly collected the entire Service tax. You will need to pay only the balance amount to Government i.e. after property tax deduction.
You are eligible for property tax deduction since you have paid the same from your pocket. But you have to charge the entire Service amount from the client.
The deduction of property tax is like your savings.
You are eligible for property tax deduction since you have paid the same from your pocket. But you have to charge the entire Service amount from the client.
The deduction of property tax is like your savings.
19 January 2016
I am eligible for the Property tax deduction. If I collect 1000 as rent and ST @ 14% 140/-(1140). I pay Property tax of 100 say. I will have to pay to the govt only (900*14%)=126/-. That excess 14Rs will be in my hand only no. Wont I be guilty of collecting more than what I have paid?
19 January 2016
I am eligible for the Property tax deduction. If I collect 1000 as rent and ST @ 14% 140/-(1140). I pay Property tax of 100 say. I will have to pay to the govt only (900*14%)=126/-. That excess 14Rs will be in my hand only no. Wont I be guilty of collecting more than what I have paid?
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
- GST Regis.
- Inventory of finished goods
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Applicability of Ind As to associate of associate
- Sale of property furniture sale
- Disallowance of Section 43B(h) to sez units
- Confusion around Form 26QB fields
- Bogus purchase treatment for it act gst dealer
- Gst input for FY 23-24
- Company Incorporation - CA and directors signing from different states
- Filing of Form 10BB instead of Filing Form 10B
- HSN Details in IFF/GSTR-1 & in GSTR 9
- 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?
Trending Online Classes
CAclubindia
