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August 2012

Exemption on property tax paid on immovable property — Notification No. 29/2012-ST, dated 20-6-2012.

By Tarun Ghia, Brijesh Cholera, Pratik Mehta, Chartered Accountants
Reading Time 1 mins
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This Notification exempts taxable service of renting of an immovable property, from so much of service tax leviable thereon, as is in excess of service tax calculated on a value which is equivalent to the gross amount charged for renting of such immovable property less taxes on such property, namely, property tax levied and collected by local bodies. It is further clarified that any amount of interest or penalty paid to the local authority on account of delayed payment of property tax shall not be treated as property tax for the purpose of deduction from the gross amount charged.

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