Investment Valuation in India

Notification No. 29/2012- Service Tax ( New Delhi, the 20 th June, 2012) Under notification No. 29/2012 - Service Tax, the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the taxable service of renting of an immovable property, from so much of the service tax leviable thereon under section 66B of the said Finance Act, as is in excess of the service tax calculated on a value which is equivalent to the gross amount charged for renting of such immovable property less taxes on such property, namely property tax levied and collected by local bodies : Notes:  1) Any amount such as interest, penalty paid to the local authority by the service provider on account of delayed payment of property tax or any other reasons shall not be treated as property tax for the purposes of deduction from the gross amount charged. 2) Wherever the period for which property tax paid is different from the period for wh