Dear Esteemed Colleagues,
I request your assistance with regards the below:
Facts of the case are as under:
Four individuals jointly own a property which they have recently let-out. They are required to pay brokerage of Rs. 70,000 to an estate agent. None of these individuals are subject to audit or have a TAN allotted.
Query:
- Are these owners required to deduct Tax on the brokerage?
- If yes, request you to also answer the following:
- What rate
- Will it be on an individual basis or collectively? (Note : the rent is received individually and not as a group, AOP or BOI)
- Will they have to get TAN for such deduction
- Is there are exemption available in such cases
Please free to highlight any other detail, case laws for the above.
Thank you all in advance for all your replies,
CA CSJ