Tds on rental income
This query is : Resolved
26 March 2012
Hello,
I am Nayudu having query on rental income.... I am letting commercial space for 40,000 per month.... The property is on my wife name..... she is assesee and showing income of 2,80,000.... pls let me know details how can i avoid tds cutting by the second party. who is issuing me cheque payment....
thankng u,
ngopal....
I am Nayudu having query on rental income.... I am letting commercial space for 40,000 per month.... The property is on my wife name..... she is assesee and showing income of 2,80,000.... pls let me know details how can i avoid tds cutting by the second party. who is issuing me cheque payment....
thankng u,
ngopal....
26 March 2012
TDS will be deducted on rent when paid by any person (except individual and HUF if not covered u/s 44AB) and rent is more than 1,80,000/- in a year then TDS will be deducted. So as this rent is 4,80,000/- (40,000 x 12) TDS will be deducted.
But if you can transfer some part of property in your name or any other in your family so that less than 1,80,000/- is for one person and rest to other then for first part No TDS will be deducted.
if this is not possible then TDS will be deducted no exemption.
But if you can transfer some part of property in your name or any other in your family so that less than 1,80,000/- is for one person and rest to other then for first part No TDS will be deducted.
if this is not possible then TDS will be deducted no exemption.
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