Rental Income for GST: Property Tax Non-Deductible, Excludes Notional Interest on Deposits.

Valuation of Rental Income - GST - Deduction of property taxes and other statutory levies - treatment of notional interest on the security deposit - All taxes levied under any law in force are to be included in the value of the renting of immovable property service supplied by the Appellant. Therefore, the property tax paid to the Municipal Authority (BBMP) cannot be deducted from the monthly rental income for arriving at the value of supply. - However, for the purpose of arriving at the total rental income, the notional interest earned on the security deposit is not to be taken into consideration. - AAAR .....

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