Tax deduction by Co-ownership

This query is : Resolved

MANOJ SHARMA (Querist)
Follow

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

taxindiaconnect

taxindiaconnect (Expert)
Follow

13 May 2010 It will be a BOI ( Body of Individual) for the purpose of tax, hence the provisions of TDS would be attracted.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Namita Fule

Amit Yadav

Krishnan V

sriram deven

PARAS CHHAJED

Subscribe Now

Tax deduction by Co-ownership

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistant

Accountant

GST CONSULTANT

Manager- Finance and Compliance

CA Final

GST CONSULTANCY