Service Tax on rented income of Joint Property
This query is : Resolved
04 March 2008
Two individuals assessees(husband & Wife) having two separate service tax registration, jointly own a commercial property, which has been let out.
Can they save service tax by forming partnership. if yes, should partnership deed be executed before construction of property or can it be signed after construction of property?
Both the assessees are service tax payers in their proprietorship business thus limit of 8,00,000/- in each case has already been crossed. Rental income is 2,40,000/- jointly. I could not understand the last statement in Mr. Dayal's reply. Please explain
Please explain.
Can they save service tax by forming partnership. if yes, should partnership deed be executed before construction of property or can it be signed after construction of property?
Both the assessees are service tax payers in their proprietorship business thus limit of 8,00,000/- in each case has already been crossed. Rental income is 2,40,000/- jointly. I could not understand the last statement in Mr. Dayal's reply. Please explain
Please explain.
04 March 2008
A partnership deed will have to be formed prior to letting out / construction of property.
a new registration in the name of partnership firm will have to be taken and existing to be surrendered
But if the rental income is lower than 10 lacs for each of you, you may continue under independant registration
a new registration in the name of partnership firm will have to be taken and existing to be surrendered
But if the rental income is lower than 10 lacs for each of you, you may continue under independant registration
04 March 2008
04 March 2008
The non-taxable limit has now been enhanced to Rs 10 lakhs.
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
- ITR filing obligation due to savings deposit
- Issue with no residency during Jan, Feb, March 2025 due to diff. between US and India tax years.
- NRI as second account holder of resident account
- WHAT TO SELECT IN 27Q TDS RETURN ? PAYMENT TO NON-RESIDENT
- To Keep Records
- GSTR-3B Late Filing Interest
- Regarding DTVSV application
- Advice on How to calculate the peak balance needed for schedule FA in India for US checking account?
- What is meaning of accrued interest
- Applicability of Ind AS on wholly owned subsidiary company (incorporated overseas)
- Joint Mutual Fund Investment Reporting on AS26/AIS
- Are part of Annual turnover for Audit purpose of 9 and 9C
- Are reflected in 2B in GST portal
- How to make any party sales or purchase recociliation
- E invoice mandatory for taxable value in a year 15 lakhs where as aggregate turnover is 6 crores
- TDS deduction.
- Leave taken during Extension period of Articleship
- Regarding TDS deduction before 15CA filing
- Reversal of Interest provision in case of MSME buyer
- ITC CLAIM ON CLEARING AND FORWARDING CHARGES IN CASE OF IMPORT
Trending Online Classes
-
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Industry Expert14 February 2025 -
Survey, Search and Seizure under Income Tax Act 1961
CA Hari Agarwal
CAclubindia
