01 August 2014
If House is Let-out for 22 months on a rent of 12,000/- per month & as per rent agreement full Rent is received in one payment by cheque of INR 2,64,000/-then,
can tenant Deduct TDS u/s 194I ??? as limit of 1,80,000/- is crossing.
because full Rent is received in FY 2014-15
but this full rent received also includes the rent of next FY 2015-16
and there is no other source of income for Landlord except this rent income.
01 August 2014
Yes TDS will be deducted since TDS to be deducted on the date of payment or credit whichever is earlier. You can claim the refund of TDS by filing your income tax return for the concerned financial year.
now which ITR should i file ? and how much income i will show in that ? whether full ammount received i.e. 264000/- or only for rent of those month which will come in this financial Year ?
01 August 2014
If TDS is defucted then you will have to file ITR2. In ITR2 in TDS Schedule there is option to claim TDS for which income is offered for Tax in the current year and to carry forward the balance amount.
So you will only relevant income for tax and claim TDS on that and carry forward the balance TDS.
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