NRI Real Estate and Property Investment in India
 |  WWW.NRIREALTYNEWS.COM
 
Service Tax on Commercial Property in Force
Tuesday, June 05, 2007

With the new service tax introduced by the government in the last budget coming into force, commercial property rates have gone up from 1st June.

The 12.6% service tax, including the 3% education cess applies to all rents on commercial properties .

Telecom services, asset management, design services, gas and oil drilling and works contract, and development and supply of content will also attract the service tax, the first instalment of which is to be made by July 5.

The tax does not apply to residential properties and properties rented out to educational, recreational and agricultural purposes.

However, mixed use properties would be subject to tax, as per the new regulation.

The impact of the tax would be counterbalanced by the deduction of property tax from the rent, though tenants would be adversely affected.

Related Readings

Glut in Commercial Properties May Affect Real Estate Prices
Tax Exemptions Must be Reviewed
Is Paying Tax Going to be Headache for NRI in UAE?
NRI Welath Tax

Add to your Social Bookmarks:
ADD TO DEL.ICIO.US ADD TO DIGG ADD TO FURL ADD TO NEWSVINE ADD TO NETSCAPE ADD TO REDDIT ADD TO STUMBLEUPON
ADD TO TECHNORATI FAVORITES ADD TO SQUIDOO ADD TO WINDOWS LIVE ADD TO YAHOO MYWEB ADD TO ASK ADD TO GOOGLE  

 

 

Return to India

NRI INSURANCE

NRI SERVICES

 

Indian Cities Guide

DELHI   NOIDA   GHAZIABAD
         
GURGAON   MUMBAI   AHMEDABAD
         
KOLKATA   CHENNAI   HYDERABAD
         
BANGALORE   PUNE   CHANDIGARH
         
..More cities »
NRI Communities in Different Countries  
Indian Embassies & Consulates in Different Countries
 
NRI Newsletters  
NRI Feeds - Syndications