Tds on rent to partners

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Anu Elizabeth Shaju (Querist)
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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

Ganeshbabu K

Ganeshbabu K (Expert)
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01 August 2013 No TDS required

Threshold limit of 180000 can be enjoyed individually

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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02 August 2013 No tds is applicable.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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.

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Anu Elizabeth Shaju

Anu Elizabeth Shaju (Querist)
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02 August 2013 thank you all :)

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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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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