1. what is the meaning of annual charge and it's tax treatment?
2. tax treatment when house is owned by co-owners and their share are not definite?
3. benefit of S.O.house wil be available if house is used in residence of relatives of the assesse ?
4. IS tenant liable to deduct TDS on rent, if yes, then when and what is the rate of tds?
4. If the tenant is an individual he is not liable to deduct TDS.
If the tenant is other than an individual , TDS has to be deducted at 10 % (from October 1st onwards NO surcharge & Ed.cess) if the annual rent exceeds Rs. 1.2 lacs.
3. The benefit of S.O. House is nt available if it is used by the relatives of an assessee......as the usage by relatives does not mean the usage by Assessee himslef.
2. I don't think an asset can be co-owned without definite share..............jus check it out again.
Kind Attn. Mr. Suri.........
If an Individual has gross receipt / turnover exceeding the prescribed limit u/s. 44AB, then also he/she will not be liable to make TDS ?
No....If an individual comes under TAX Audit Purview.........definitely he is liable to deduct TDS....................
thanxx suri for reply
Most welocome................
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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