New Delhi: Income earned from renting out residential property has been exempt from GST. However, if the income exceeds Rs. 20 lakh by renting or leasing it for commercial purposes then it will attract levy.
Revenue Secretary Hasmukh Adhia has said at the GST Master Class that if the house property is rented out for shop or office purpose, no Goods and Service Tax (GST) will be levied up to Rs. 20 lakh. The tax-payer earning more than the exempted threshold will have to register with the GST Network and pay taxes.
