Tds on rent to partners
This query is : Resolved
Quick Summary
Anu Elizabeth Shaju
(Querist)
01 August 2013
rent payments are made by a partnershp firm for a godown of the firm which is jointly owned by 3 partners in the ratio 1:1:1.
rent per month=8000
aggregate rent paid to 1 partner=8000*12
=96000
aggregate rent paid to 3 partnes=8000*12*3
=288000
should tds be deducted u/s 194I???
pls reply
rent per month=8000
aggregate rent paid to 1 partner=8000*12
=96000
aggregate rent paid to 3 partnes=8000*12*3
=288000
should tds be deducted u/s 194I???
pls reply
Ganeshbabu K
(Expert)
01 August 2013
No TDS required
Threshold limit of 180000 can be enjoyed individually
Threshold limit of 180000 can be enjoyed individually
Message likes :
1 times
02 August 2013
No tds is applicable.
Message likes :
1 times
02 August 2013
The limit of Rs.1,80,000/- will apply to each payee/co-owners separately, vide CBDT Circular 715 reported in 215 ITR (St)16,hence provisions of section 194I doesn't apply.
Message likes :
2 times
Anu Elizabeth Shaju
(Querist)
02 August 2013
thank you all :)
01 September 2013
Yes I agree with all the experts. The house should be owned by the partner and the limit should not be exceeded.
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