TDS on Rental Income
This query is : Resolved
09 March 2011
Dear All,
I am post this query for my father who is a senior citizen.
The only income he gets is Rental Income from property which has let out for commercial purposes. The property has been let out from 2008 and the Rent from Feb 2009 is 12300 p.m. and 13200 p.m. from Feb 2010. The Company to whom the property has been let out was paying the rent through cheques and the IT Return was filed every year as NIL Return(i.e., no tax). But lately the company has informed that it have been instructed by the IT Department to hold TDS @ 20% on all payments above 10000. Now Is there any provisions which would help us get payments without holding TDS because we don't have tax liability and thus there is no point it having TDS deducted and to get refund after 3-6 months of end of assessment year.
I have read Section 194I of IT Act on TDS on Rent Income but did not find any exemptions.
Pl advice.
Thanks and regards,
Rajan.
I am post this query for my father who is a senior citizen.
The only income he gets is Rental Income from property which has let out for commercial purposes. The property has been let out from 2008 and the Rent from Feb 2009 is 12300 p.m. and 13200 p.m. from Feb 2010. The Company to whom the property has been let out was paying the rent through cheques and the IT Return was filed every year as NIL Return(i.e., no tax). But lately the company has informed that it have been instructed by the IT Department to hold TDS @ 20% on all payments above 10000. Now Is there any provisions which would help us get payments without holding TDS because we don't have tax liability and thus there is no point it having TDS deducted and to get refund after 3-6 months of end of assessment year.
I have read Section 194I of IT Act on TDS on Rent Income but did not find any exemptions.
Pl advice.
Thanks and regards,
Rajan.
CA Parvin Ahuja
(Expert)
09 March 2011
You can get certificate from the ITO tds circle directing your tenant not to deduct TDS. For this you have to complete certain formalities as prescribed under the income tax act.
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