A property is co owned by two persons jointly. Rent is received is crossing threshhold limit of Rs. 10.00 lacs but below 20.00 lacs. The owners status as per income tax is AOP and Income tax return is filed as Assocoation of Persons. The rent received is withdrwan equally by both the co owners from bank account where the rent received is deposited. Can both claim that since rent received is less than 10 lacs by each of the co owners and service tax is not payable or service tax is payable considering the rent received jointly and crossing 10 lacs.
2 Replies
Harendra Kumar
(Tax Advisor )
(1326 Points)
Replied 07 December 2013
Sir,
In my view only Individual Exemption limit is 10 lakh but in the your case Service-Tax is manadatory Association of person. You should clarify those circumstances.
Further check the www.cbec.gov.in
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