Income Tax

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Querist : Anonymous

Querist : Anonymous (Querist)

21 February 2011 We are a manufacturing unit (Partnership Firm)have already Paid (this Year F.Y.2010-11) Rent of Rs. 2,16,000 but the rent devided and paid into three person (Mr.Amit Rs. 1,20,000, Mr. Bimal Rs. 48,000 & Mr.Suren Rs. 48,000) then can we Deducted TDS For Rent both of parties or not

CA. Lohith Jagadeesh

CA. Lohith Jagadeesh (Expert)

22 February 2011 Hi

Will get back to u with complete wrkngs & Info

Thank you

Regards
CA.Lohith.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITR Hons

C.A.Javid Patel

C.A.Javid Patel (Expert)

23 February 2011 No requirement of deduct tds it is individualy limit of 180000 p.a.

CA. Lohith Jagadeesh

CA. Lohith Jagadeesh (Expert)

23 February 2011 Hi,

If there is Clear cut division of Shares of Rent which is identifiable, then you could treat the payment as "Rent paid to Co-owners" therefore there will not be any requirement of Deducting TDS on individual amounts, as the Limit is Rs.180000/- p.a.per individual.

Thank you,

Regards
CA.Lohith.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons

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