Tds on rent
This query is : Resolved
CA Mandar Joshi
(Querist)
13 March 2012
A company is paying rent for staff accommodation to 2 individuals for the same residential premises. Total amount of rent is Rs.2,34,000/-. Should the TDS be made ? Please reply ASAP, urgent
13 March 2012
Yes as far as the recipient is single person and recieves rent more than 180000 (one lakh eighty thousand)
13 March 2012
in the present case recipient receives rent 234000 which is more than 180000.
so, TDS Should be deducted on whole amount i.e., 234000.
so, TDS Should be deducted on whole amount i.e., 234000.
CA Mandar Joshi
(Querist)
13 March 2012
The rental premise is owned by two individuals jointly and company is paying them in 50-50 proportion. Should the TDS be done now?
CMA Ramesh Krishnan
(Expert)
13 March 2012
In the given case. threshold limit is not crossed for each individual, so no need to deduct TDS
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14 March 2012
CBDT Circular 715 dtd 8/8/1995 issued to clarify that If there are a number of payees, each having definite and ascertainable share in the property, the limit of Rs. 1,20,000( now the limited increased to Rs.1,80,000) will apply to each of the payee/co-owner separately. The payers and the payees are however advised not to enter into sham agreements to avoid TDS provisions.
I'm agreeing with Ramesh , TDS Threshold limit not exceeded , therefore need not deduct TDS.( providedeach having definite and ascertainable share in the property 50:50)
I'm agreeing with Ramesh , TDS Threshold limit not exceeded , therefore need not deduct TDS.( providedeach having definite and ascertainable share in the property 50:50)
Message likes :
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