Tds on rent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 August 2018
rent paid to senior citizen of Rs.500000/-p.a. tds deduct or not please provide with explanation.
07 August 2018
since monthly rent is less than Rs 50000 a month, no deduction is required unless it is a commercial rent, where the limit is Rs 1.8 lakhs per annum.
08 August 2018
TDS u/s 194IB This section is applicable on an individual or a Hindu undivided family who are not required to have tax audit as per Income Tax Act which mandates deduction of TDS when rent payment exceeding Rs 50000 for month or part of the month is made. Even Salaried person paying rent more than Rs. 50,000 P.M and claiming HRA are required to deduct and pay TDS of Landlord.
If you falls under above no need to deduct TDS if Rent paid less than 50000/- PM
If you falls under above no need to deduct TDS if Rent paid less than 50000/- PM
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