Income tax

This query is : Resolved

Manjunath (Querist)
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06 March 2012 Hello
mr.x has a acquired land for lease from mr.y...the monthly rent is 15000 p/M with service tax leveid is 10.30% & the actual expensess is 16545 p/M....
can u tell the taxable amt...

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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06 March 2012 Are you asking taxable amount for the purpose of deducting TDS u/s 194I?

In that case, it is Rs. 15,000/-

However, TDS is not required to be deducted since the annual payment does not exceed Rs. 1,80,000/-

If you are asking about the amount taxable in the hands of the lessor, then it is also Rs. 15,000/-.