20 March 2014
let's assume a person has ownership of 3 DIFFRENT HOUSES. And he is charging 10000 per month PER HOUSE. That means his income from these houses is 360000 every year. SO THE LIMIT OF RS.180000 SHUD BE TAKEN IN AGGREGATE FOR ALL PROPERTIES OR INDIVIDUALLY FOR SINGLE PROPERTY ??? NOTE:IN ALL THE ABOVE CASE PROPERTIES ARE OWNED BY A SINGLE OWNER ONLY.. WHEATHER TDS SHUD BE DEDUCTED OR NOT???????
20 March 2014
Look Azhar the limit of Rs 180000/- is on a single party, & if he is recovering rent from 3 diff. parties then no TDS will b applicable....
The tenants r liable to deduct TDS coz income is arising in hands of the owner, then how owner will deduct TDS???
20 March 2014
basically where the doubt came was since there were diffrent properties i thought limit of rs180000 is for every single property individually.
22 March 2014
This matter has already been made full of confusion. At last I want to clear it that 1. Tenant is responsible to deduct tax. 2. Tenant should be other than Individual & HUF. 3. Total amount of rent during the year exceeds Rs. 180000. 4. This is applicable to each tenant separatly.
CAclubindia
