Respected Seniors,
I have purchased a commercial property in my name and my wife's name Jointly and the cost is borned by both of us equally. We are intending to rent it out the same @ 60000/- per month. Now my questions are:
1) Can we issue rent bill separately for 50% of the rent and recieve the same separately.
2) Will the tenant will be liable to TDS as he is paying below the specified amount per person.(50000 per month)
3) We will be showing Rs 360000/- from rent income in our individual IT return -Can we claim any other deduction from it.
Awaiting any early response and Thanking in advance.
Regards
CAclubindia
