Rental income and interest on housing loan
This query is : Resolved
30 July 2010
Hi,
If rental income is less than interest on housing loan, is their any way - NIL DEDUCTION of TDS on rental income can be applied for?
Please reply ASAP...
Thanks
If rental income is less than interest on housing loan, is their any way - NIL DEDUCTION of TDS on rental income can be applied for?
Please reply ASAP...
Thanks
30 July 2010
I am afraid the Deductor (Tenant) would not be able to set aside his obligation for affecting TDS. The Landlord may apply to his assessing officer and obtain Certificate for not affecting TDS
03 August 2010
In fact it does not matter, whether your rental income is less or more than interest amount of housing loan. Basically, to avoid TDS deduction, in view of non-taxable income, you have to approach the assessing officer to issue zero/lower rate tds determination order u/s 195/197, who would like to see whether your total estimated income (from all sources for that financial year) is in fact not taxable. ACcordingg to merits he may issue the requiste certtificate.
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