Tax on rent
This query is : Resolved
26 August 2014
I am getting monthly Rent of Rs.15,000/-(Commercial Organization) and Total Rental Income PA is Rs.180,000/- on Total Income i,e Rs. 180,000/- 30% Standard Deductions is applicable Rs.180,000 - Rs.54,000 = Rs. 126,000/- is Net Income. My query is whether on my Gross Total Rental Income i.e Rs.180,000/- TDS is to be deducted by the Rent payer
26 August 2014
No dear since it is(the limit) above Rs. 1.8L, hence no TDS will b applicable on u. And if it is residential unit then TDS is not applicable if the amount crosses Rs. 1.8L/-
26 August 2014
if your rent is more than Rs. 1.80 lacs in a year then TDs will applicable.
26 August 2014
agreed with sandeep's view.................
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