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Can I offset service tax paid to purchase property for business? - Property Hotline
Posted
December 29, 2016
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19
December 29, 2016
19
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1:33Now PlayingExpert: Ashish Sodhani, Tax Expert
Question: I’m a consultant and registered to pay service tax. I pay service tax of around Rs 2 lakh per year. I would like to know if I can claim a set-off for the amount paid to the builder in my tax returns?
Answer: You can do that but under the situation that you’re not purchasing the property for residential purpose. If being an agent you are purchasing something for your business then it should be possible for you to offset your service tax payment that you have made to the builder with respect to the service tax you have collected.
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