whether it is appropriate to pay a service tax on rental income from agricultural real estate Is the rent of a retirement home taxable in case of rental? After the implementation of GST, the threshold of applicability of GST is from 10 Lakh Rs. in the pre-GST era to 20 lakh rs. Increases. That`s a lot of homeowners – formerly under the service tax regime – now earned up to an additional rs.10 lakhs. This type of rental is considered a service and would therefore be taxable. The leasing of immovable property was taxed under the former tax regime provided for in Article 65 (105) (zzzz). The rental of immovable property was injected net into tax provision No 23/2007-ST of 01.06.2007. However, after 1.7.2012, the transition means the transfer of 119 service-specific descriptions to a new regime that will tax all services, unless they are covered by one of the entries on the negative list or are exempted from another provision. Consequently, in accordance with Article 65B(44) of the Law, it has also been established that the service includes a declared service.
And the rental of real estate is the part of the declared service. Ideally, rent is considered as a whole. However, if siblings have their property separate from the building, each of you can make separate agreements with doctors. provided that the period for which the property tax is paid is derogated from the period during which the tax on services is paid or due, that the property tax is calculated in proportion to the period for which the tax on services is paid or payable and that the amount thus calculated is excluded from the gross amount calculated for the rental of the property for the above-mentioned period; for the purposes of collecting the services tax. Rental is defined as the rental, rental, access or use of goods, services and goods without transfer of ownership from one owner to another. This is an agreement in which payment is made for the temporary acquisition of the property. 5. Where the taxable person has paid an amount of the service tax paid by reason of the absence of deduction of the property tax paid. A taxable person who earns more than the exempt threshold must register with the GST and pay taxes.
So, if you have given your property to companies, then it is taxable if you receive more than Rs 20 Lakh as rent and you need to register under GST. From 1 July, land rentals, building rentals and the EMI (Equated Monthly Rate), paid for the purchase of houses or dwellings under construction, will be subject to the GST Goods and Services Tax. However, the sale of land and buildings will remain outside the scope of the GST, while stamp duty will continue to be imposed. . . .