Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2013 sir there is a case related to TDS
Rent on building is Rs 20000 per month and in the rent agreement it has been agreed that the payment is to be made to "A" and "B" equally i.e. 10000 each
so in this case TDS is deducted or not if yes how please help me

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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23 July 2013 TDS on Rent is liable to be deducted by the person making the payment if the total amount to be paid during the year exceeds Rs. 1,80,000 p.a. This limit of Rs. 1,80,000 p.a. is per taxpayer. So in case, there are 2 co-owners of an asset, this limit would apply for each co-owner i.e. TDS on Rent is liable to be deducted if payment to each co-owner exceeds Rs.1,80,000 p.a.

Rupesh Jain

Rupesh Jain (Expert)
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23 July 2013 IF YOU PAY RENT TO AN PERSON IN A YEAR ABOVE RS. 180000/-
THEN YOU HAVE TO DEDUCT TDS @ 10% U/S SECTION 194i

OTHERWISE NOT
IF OWNER NOT THE CO-OWNER OF PROPERTY THEN YOU HAVE TO DEDUCT TDS