Tds on rent u/s 194ib
This query is : Resolved
09 June 2019
Dear All,
I am paying a total rent of Rs. 70,000/- per month for my flat in Mumbai having two landlords i.e. husband and wife are co-licensors in the leave & license agreement.
Every month, I transfer Rs. 35,000/- to the husband's bank account and another Rs. 35,000/- to the wife's bank account separately.
Am I liable to deduct TDS on the rent payment u/s 194IB of the Income Tax Act?
Thanks
Niki
I am paying a total rent of Rs. 70,000/- per month for my flat in Mumbai having two landlords i.e. husband and wife are co-licensors in the leave & license agreement.
Every month, I transfer Rs. 35,000/- to the husband's bank account and another Rs. 35,000/- to the wife's bank account separately.
Am I liable to deduct TDS on the rent payment u/s 194IB of the Income Tax Act?
Thanks
Niki
CA R SEETHARAMAN
(Expert)
10 June 2019
As rental payment is more than Rs. 50,000 per month, 5% TDS has to be withheld, You have to deduct TDS.
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