TDS
This query is : Resolved
24 October 2009
HI,
The only one rental agreement made between owner and lessee for the total rent of Rs.25000/p.m- out of this Husband will receive Rs.15000/p.m- and wife will receive Rs.10000/p.m-,now i am not getting the point to deduct TDS....To whom(either to both or to one person...total rent for the annum is Rs.300000) and on what basis....please clarify it ...thanks in advance.....
The only one rental agreement made between owner and lessee for the total rent of Rs.25000/p.m- out of this Husband will receive Rs.15000/p.m- and wife will receive Rs.10000/p.m-,now i am not getting the point to deduct TDS....To whom(either to both or to one person...total rent for the annum is Rs.300000) and on what basis....please clarify it ...thanks in advance.....
24 October 2009
deduct tax from both as per the revised rate of TDS ie.10% wef oct.09
25 October 2009
If there are number of payees, each having a definite and ascertainable share in the property, the limit of Rs. 1,20,000/- per annum will apply to each of the payees/ co owners separately. If the above conditions satisfies in your case, TDS is not applicable to wife.
Citation :- Circular No 715 reported in 215 ITR (St) 16.
Citation :- Circular No 715 reported in 215 ITR (St) 16.
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