Tds on rent u/s 194ib of income tax act
This query is : Resolved
17 June 2019
Dear All,
I have taken a residential flat on rent in Mumbai for Rs. 70,000/- per month which has two owners i.e. the 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.
Since, the rent paid to each landlord is less than 50,000/- per month, are provisions of section 194IB attracted in respect of the said rented property?
Am I liable to deduct TDS on the rent payment u/s 194IB of the Income Tax Act?
Thanks
I have taken a residential flat on rent in Mumbai for Rs. 70,000/- per month which has two owners i.e. the 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.
Since, the rent paid to each landlord is less than 50,000/- per month, are provisions of section 194IB attracted in respect of the said rented property?
Am I liable to deduct TDS on the rent payment u/s 194IB of the Income Tax Act?
Thanks
17 June 2019
No need to deduct tax since each tenant is paying less than the threshold limit.
Inference :- CBDT Circular 715 ( question 21) dated 8-8-1995 .Same anaology can be applied for 194IB as well.
Inference :- CBDT Circular 715 ( question 21) dated 8-8-1995 .Same anaology can be applied for 194IB as well.
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