(Querist) 22 October 2017
This query is : Resolved
We have got a few residential properties given on Leave & License basis. They all are on 2 names each.
We are planning to purchase a commercial property to give on Leave & License basis. In case the commercial property does not cross Rs. 20 lakhs a year alone but counting the residential properties combined income does cross Rs. 20 lakhs in the year, will GST apply on the combined income or will the commercial rent be income be treated separately and have nothing to do with the residential income.
Also the properties are on 2 names each. Will the income as declared in income tax as 50% each party (name) be considered. E.g. If only from commercial income the rent is crossing Rs. 20 lakhs but divided in the 2 names and coming below Rs. 20 lakhs each, then will that be considered as GST not applicable or it will be considered as a whole for the first holder of the property.
Also if the first holder is a senior citizen 85 years of age, will there be any sort of relaxation in the GST if applicable as in the case of Income Tax.
(Expert) 22 October 2017
contact tax lawyer for ur query.
(Expert) 23 October 2017
as FAR AS YOUR 1ST QUERY IS CONCERNED YOUR AGGREGATE value of more than Rs.20 lacs GST would be attracted. As far as your second query is concerned aggregate value should be taken into account. and if it exceeds more than Rs.20 lacs it attracts GST. NO concession for senior citizens.