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?
CAclubindia
