Tax deduction by Co-ownership
This query is : Resolved
11 May 2010
One of my clients, having an ancestral property,is developing the same with his other brothers and has formed a co-ownership. Now, while making payments to the contractors, will the co-ownership be liable to deduct tax at source? In my opinion, co-ownership is not liable to deduct tax as it is neither an individual/firm nor would it be assessed to tax in its avatar as a co-ownership. It does not fall within the definition of 'person' u/s.2(31). Plz throw some light on this matter as the payments in this case would be big. Thanks
13 May 2010
It will be a BOI ( Body of Individual) for the purpose of tax, hence the provisions of TDS would be attracted.
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