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property rent

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 March 2010 My client paid rent of property to co-owner in the FY 2008-09. At what rate tax should have been deducted.

Rate for payment to individual was 15% and for other rate was 20%.Pls suggest.

Can we treat co-owner in the category of individual?

Pls advice
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Simply_Shailesh

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Simply_Shailesh (Expert)
20 March 2010 As per new amendment effective from 01.10.2009 of TDS, you should deduct TDS at 10% on rent payment.
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CA Gangadhar Mishra

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CA Gangadhar Mishra (Expert)
20 March 2010 agreed
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
20 March 2010 If there are number of payees,each of them having definite and ascertainable share in the property, the limit of 1.20 lakhs will apply to each of the payee/co-owner separately.
Reference:- CBDT Circular 715 dated 08/08/1995.
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Querist : Anonymous

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Querist : Anonymous (Querist)
20 March 2010 Please tell in the provision applicable in 2008-09 and with reference to co-owner.
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
20 March 2010 Agreed
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