A) TDS AND B) RENTAI INCOME
This query is : Resolved
02 January 2009
QUERY 1 :- If rent is paid for Auditorium of MCF (Municipal corporation of Faridabad ), then TDS is required to be deducted or not. As MCF is an local authority but he is not providing any certificate about their tax exempt status under clause (20) or (20A) of section 10.
QUERY 2 :- If there is leasehold land of 99 years with assesse and assesse buildup two separate building on that land and given on Rent with two separate agreement of both building and as well as two separate agreement of amenities of that building are prepared, Cost of amenities includes in cost of building. Amenities include Air conditioning etc.
Now the question is that in which head , income is taxable and depreciation on building is allowed or not , as cost of amenities can not be segregated from cost of building.
Assessee shows all rental income from building as well as from amentities on Profity and loss a/c and claim depreciation on complete cost of Building . Is it correct or not.
QUERY 2 :- If there is leasehold land of 99 years with assesse and assesse buildup two separate building on that land and given on Rent with two separate agreement of both building and as well as two separate agreement of amenities of that building are prepared, Cost of amenities includes in cost of building. Amenities include Air conditioning etc.
Now the question is that in which head , income is taxable and depreciation on building is allowed or not , as cost of amenities can not be segregated from cost of building.
Assessee shows all rental income from building as well as from amentities on Profity and loss a/c and claim depreciation on complete cost of Building . Is it correct or not.
02 January 2009
1) TDS is not required to be deducted for payment to Government and Local Authorities u/s 194I. If status is clear you dont need any certifiate from them.
02 January 2009
2) No the methed is not correct. You need to show rental income of building under the head "Income from House Property" and letting of amenties under the head "Income from Business & Profession".
02 January 2009
You cannot claim depreciation on Building However you can claim depreciation on amenities.
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