Tds on rent payable to landlord
This query is : Resolved
Seshaiah NV
(Querist)
20 December 2015
I am a senior bank manager taken leased accommodation provided by bank @ Rs. 22000/- PM. The flat which was provided is registered in the name of 3 coownners jointly. Bank wants to deduct TDs@ 10@ from rent. However owner claims that since it is a joint property and the rent is 1/3 share of each TDs cannot be deducted. Also they are ready to open a joint a/c in my own bank to credit rent proceeds if necessary. Bank says since total rent exceeds Rs 180000 pa it is mandatary to deduct TDs. The flat is purchased during the current year by the owners jointly with some other bank loan and relative sale agreement confirms the same. What is the tax law? Is there remedy to come out of this crux. Plz advise.
Seshaiah NV
(Querist)
20 December 2015
envees7662@gmail.com
CA R SEETHARAMAN
(Expert)
20 December 2015
As per TDS provisions TDS applicable only when each co owner's payment exceeds Rs 1,80,000.
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