Highlighted below are a Number of Taxes payable along with General Expenses incurred for leasing the property.
1. Fringe Benefit Tax payable by the Employee in case of a Company - Lease – 20% (Tenant to Pay)
2. Service Tax – Presently only on Commercial Property – 12.36% - (Owners to Pay)
3. Property Tax on Leasing/Licensing (more in commercial property) - (Owners to Pay)
4. Stamp Duty and Registration Fees - (Jointly shared by both the parties in most cases)
5. Income Tax - (Owners to Pay)
6. Society Maintenance/Non – Occupancy Charges charged by the Society - (Owners to Pay)
7. Municipal Taxes on Property in General – (Owners to Pay)
8. Incidental Expenses/Consultant Fees/Lawyer Fees (owners and tenant to pay)
9. Painting / Polishing / Furniture / Maintenance (owners to pay)
10. Sundry repairs from time to time (owners to pay)
11. Interest payable @ nearly 11% to the Banks for Purchasing the property.