TDS For 194C

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VENGATESH M (Querist)
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22 September 2019 Sir,

1. TDS
Pl clarify that the receipt of Handloom weaving cooly and wages for one your amount 80,000/= received from Audit persons (Individuals and Firm). Is it applicable 194-C ? (The Handloom Weaver party is below taxable income limit)

2. House Property:
Mr. A. is a Govt.salary person having a own house property. He claims Sec.80-C of Income Tax the Housing loan Principal and Interest amt. for the one house property
Now He wants to purchase of another house property through bank -Housing Loan. Mr. A. can claim 80-C of Income tax of 2nd house property of Housing loan Principal and Interest.

3.Gift -Reg
Mr. B. is a Income Tax assessee, only received from Interest Income from Bank and file the I T return properly. He wants to transfer the amt of 10 Lakhs to his son for Gift. Then the Next Yr. the son transfer the amt of 10 Lakhs to (Mother )Mr. B. - What are step it may be taken for I T Filing. (The son also I T Assessee) - is it exemption or not. and if applicable gift tax?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 September 2019 1 No TDS applicable on wages paid less than 2,50 lacs. (194c not applicable on wages paid. Salary TDS applicable).
2 Second house only interest deduction allowed.
3 Gift tax not applicable only interest earned on such gift will be clubbed with the income of Mr B.

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