Income tax on hotel lease business

This query is : Resolved

Gagandeep (Querist)
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13 August 2018 Dear All,
I am having hotel business which i have given on lease to another company with agreement that he will run the hotel and pay 25 lakhs per annum to me.
It was agreed that some rennovation work is required to be done at hotel which the company will do and pay me in intial years 15 lakh only.
The company has shown TDS for 25 lakh in last financial year but it has paid only 15 lakh to me through bank account. It has not submitted any bills towards expenditure in hotel rennovation.

Pls let me know on what amount do i need to pay tax by august 31, 2018 being a lady of 60 years plus. Also, at what rate TDS is cut for this kind of business arrangements and what documents do i need to ask from the company.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 August 2018 Show business income as 25 lacs and claim renovation expenses of 10 Lacs besides depreciation. Get a letter of confirmation that the company spent 10 lacs on renovation and paid only 15 Lacs.
10% TDS applicable on this arrangement.

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