Property tax deduction reduces taxable value of rent for service tax purposes, excluding interest or penalty payments. Exemption reduces the taxable value of renting immovable property by permitting deduction of property tax levied and collected by local bodies from gross rent, excluding amounts paid as interest or penalty, and requiring pro rata apportionment of property tax where tax and service periods differ for the purpose of computing service tax.
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Provisions expressly mentioned in the judgment/order text.
Property tax deduction reduces taxable value of rent for service tax purposes, excluding interest or penalty payments.
Exemption reduces the taxable value of renting immovable property by permitting deduction of property tax levied and collected by local bodies from gross rent, excluding amounts paid as interest or penalty, and requiring pro rata apportionment of property tax where tax and service periods differ for the purpose of computing service tax.
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