TDS on Rent of Co-Ownership

This query is : Resolved

Ranganath AAGJ (Querist)
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23 May 2008 dear sir.. i got one doubt..
in case of co-onership of factory which has been let for factory operations for Rs 9000 per month to each owner.
so total rent for the year Rs 1,08,000/- per owner which is less than 120000/-p.a in this case TDS applicable..

CA Hemant T Dewani

CA Hemant T Dewani (Expert)
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23 May 2008 wheter there is any partnership or not
whether co owners share is determined in the aggrement or not it is important

Late CA Sampat Jain

Late CA Sampat Jain (Expert)
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23 May 2008 To avoid disputes the rent agreement should contain clause for separate payment of rent to each coowner

R.V.RAO

R.V.RAO (Expert)
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23 May 2008 IF THE SHARE OF EACH PARTNER IS DISTINCTLY STATED IN THE AGREEMENT OF LEASE , THERE IS NO TDS FOR EITHER OF THE COOWNERS / PARTNERS.
THIS IS BECAUSE EACH COOWNER IS GOING TO CLAIM INCOME IN HIS RETURN OF INCOME AS PER THE LEASE AGREEMENT WHICH STANDS TO BE VERIFIED BY AN ASSESSING OFFICER
FOR SAKE OF CLARITY AND BENEFIT OF DOUBT TO THE REVENUE.
R.V.RAO

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