Tds on house rent

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 February 2012 Dear sir,
i am receiving monthly rent of 38,000/- by cheque,but my tenant is deducting any TDS.My question is,
a)Is it correct?
b)If he deduct the TDS how much he need to deduct?
c) whether this TDS refundable to me?

pl.suggest to me

Thanks and regards
shiva.hp

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

29 February 2012 If Tenant is individual then its is wrong. if tenant otherthan individual then its correct as per section.194I. TDS rate is 10%.

it will be adjusted with your total tax liability for the year.

Collect Form 16A from tenant

Message likes : 1 times

Ravi Jhamb

Ravi Jhamb (Expert)
Follow

01 March 2012 1. Rental Income is exempt upto 2 Lakhs.Afterward it is taxable.
2. He will deduct 3800 TDS P.M.
3. Taxable Income Caculate:-

Total Rent Received - 456000/-
Less:- Municipal Tax - ( 6000 )

Gross Total Income - 450000

Less:- Standard Deduction 30% - (135000)

Interest on Loan if any ( )

Taxable Income (315000)

Message likes : 1 times

Ravi Jhamb

Ravi Jhamb (Expert)
Follow

01 March 2012 Income Slab - Taxable

0-180000 NIL
180001-500000 - 135000*10% = 13500

Your TDS Deduct - 3800*12=45600
Less:- Taxable income (13500)

Refund - 32100

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

01 March 2012 thank you very much sir

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