TDS on Rent u/s 194I of I.T.Act
This query is : Resolved
24 May 2010
A property is jointly owned by 10 people. The rent per person,does not exceed the TDS limits. However, the rent amount is paid to a single co-owner who is entitled to receive it on behalf of the other owners . Is TDS required to be deucted from the payee- the total amount of rent exceeds the taxable limit.
24 May 2010
get poa from the other coowner for collecting the rent and submit it to the tenant, then the tenant can be requested not to deduct tax at source.
24 May 2010
As per me we have to deduct TDS here.
25 May 2010
Difference of opinion
pl.refer circular no.718 dt.22-08-1995 and page no.a-311-312 last lines on a-311 of Direct taxes Ready Reckoner 2009-10,2010-11 by Dr. Vinod K. Singhania
I hope it will remove your doubts.
pl.refer circular no.718 dt.22-08-1995 and page no.a-311-312 last lines on a-311 of Direct taxes Ready Reckoner 2009-10,2010-11 by Dr. Vinod K. Singhania
I hope it will remove your doubts.
29 May 2010
- If there are a number of payees, each having definite and ascertainable share in the property, the limit of Rs. 1,20,000 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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Under construction property in ITR
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Gift of mutual fund units to daughter
- Building tax payment deduction in rental Income
- Reporting of STCG on Property in ITR
- Not able to file ITR
- Upload Level ValidationITR3Category of Defect B/D
- Which ITR To be filed by dentist
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
