Rent received:1110000 TDS Deducted by tenant : @ 5% =55500 while filling ITR by landlord can he take credit of TDS DEDUCTION of 55500 in his ITR. and What is the treatment of TDS Deducted in the ITR of Landlord.
Replies (8)
Guest
Yes, the landlord has to take credit of the tax deducted on rent.
It's similar to tax deducted by bank on fixed deposit interest.
Recently a news has come on House property deemed rent was considered as ZERO by master blaster cricketer. ITAT took sides of the taxpayer saying that "if concrete effort to rent out property was made and yet no tenant was found, then the taxpayer is allowed to consider the deemed notional rent as NIL".
Can this ITAT ruling become applicable to all 8 crore tax return filers?
Guest
Rent is earnings of landlord.. Calculate the amount of tax liability and take the credit against tax liability