Renting property
This query is : Resolved
Shreeram Jhaveri
(Querist)
13 January 2018
Sir,
We have a commercial property in joint name of three friends. We want to lease it to a MNC. Company is willing for a lease but in a single name and TDS for the same also in single name. How we can distribute rental income and TDS amongst the partners? Please guide.
Shreeram
We have a commercial property in joint name of three friends. We want to lease it to a MNC. Company is willing for a lease but in a single name and TDS for the same also in single name. How we can distribute rental income and TDS amongst the partners? Please guide.
Shreeram
KAVIRAJA ADDANGADI
(Expert)
13 January 2018
If property owned by 3 friends, Than you have t Receive Rental Income proportionately, TDS to be deducted according to Proportion, Other wise Single person is liable to tax full rent. Since income & TDS Deducted single person name.
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