Tds rent

This query is : Resolved

venkatesh (Querist)
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29 March 2014 IN A MONTH RENT COMES 40,000 PER MONTH.

1. WHAT WILL BE THE TAX ?
2. IF RENT PAID 40,OOO/- SHOULD DEDUCT 10% TDS ?
3. TDS WILL BE DEDUCTED BY OWNER OR RENT PERSON ?

Harsha goyal

Harsha goyal (Expert)
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29 March 2014 First you need to check whether the person who is paying rent is an individual or HUF or not. If they are individual or HUF then they need to deduct TDS only if they are liable to audit otherwise not. Secondly the rate of TDS will be 10% i.e Rs.4000 p.m. TDS to be deducted by the person paying the rent.

CA P K AGRAWAL

CA P K AGRAWAL (Expert)
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24 September 2014 Harsha goyalji is right, deduct 48000 annually