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Rental Income Above Rs. 20 Lakhs to Attract Tax Under GST
July 12, 2017
Under the new Goods and Services Tax regime, rental income earned from commercialized real estate that’s above Rs. 20 lakh will attract tax. However, there is no levy on rental income earned from a residential property. Only if a property is rented out for shop or office purposes, etc. then tax is applicable.
GSTN Chief Executive Prakash Kumar said that if a taxpayer is earning more than Rs. 20 lakhs from renting out a property for commercial reasons, then they have to get themselves registered with the GSTN.
