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of <h1>India's Finance Ministry Exempts Certain Property Rentals from Service Tax Exceeding Gross Rent Minus Local Property Taxes.</h1> The Government of India, through the Ministry of Finance, issued Notification No. 29/2012 on June 20, 2012, exempting the taxable service of renting immovable property from certain service tax obligations. This exemption applies to the portion of service tax exceeding the amount calculated on the gross rent minus property taxes levied by local bodies. It specifies that interest or penalties paid to local authorities do not qualify for this deduction. The notification also outlines that property tax deductions should be proportionate to the service tax period. This notification takes effect from July 1, 2012.
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