TMI BlogService tax on immovable property rented for the purpose of lodging.X X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Sir We are a partnership firm and in position of a commercial building which we have taken on management and a lump sum lease amount where we don t pay any rents to the owners of the property and we have let out a portion of the building for the purpose of Lodging / Hotel ( Only accommodation) to a tenant in the capacity of Property managers representing through a partnership firm. We are 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... partners who divide the rent in the ratio of 50:25:25. We have rented the property for last 9 years starting with and annual rent of Rs. 14,40,000/- per Annum and after all the escalation now the rent is ₹ 18,90,000/- per annum. Is the immovable property let out for the purpose of and lodging by a partnership firm liable for service tax? Is it exempted? our tenant charges rent not mo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re than 1000 rs. per day As Co owners of the partnership firm, not the property, we have received rents and declared that each co owner of the firm gets less than Rs. 10 lakhs as rent when dived by 3 partners but the firm is collecting on behalf. How is this treated now? kindly request you to help me with this regards rakshith - Reply By KASTURI SETHI - The Reply = Whether rent deed is on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e or separate for each partner of the firm ? - Reply By Rakshith Bhaskar - The Reply = Dear Sir The Rent deeds are just one for all. The rent is made in between our tenants firm and our Partnership firm. And the partnership is collecting the rent. Kindly assist. Thank you - Reply By KASTURI SETHI - The Reply = In my view you are entitled to individual exemption of ten lakhs per year. Seco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndly, one judgement of the Tribunal ( you must be aware) has held that rent deed should be separate for each partner. Cheque should be separate. Bank account should be separate. This judgement has been accepted by the department. - Service tax on immovable property rented for the purpose of lodging. - Query Started By: - Rakshith Bhaskar Dated:- 16-12-2017 Service Tax - Got 3 Replies - Service ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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