Praveen Jangir (Article) (41 Points)
14 January 2016Dear Members,
lets take an example,
A rented a shop on LEASE RENT for ATM. He Will received Rs. 20000/- as LEASE RENT subject to Tds. the lease rent includes Rs. 5000/- as repair and maintenance charges. The lessee deduct TDS under Section 94C. The income of Mr. A Will taxable under which head?
If Repair and Maintenance received in addition to Lease Rent. Where should it be taxable?
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 14 January 2016
Hi Praveen,
first of all, All the income (including repair and maint. 5000) is taxable under Income from house property. and assessee is liable to claim standered deduction 30% of total receipts.
However if you are received these 5000 as reimbursement for electricity / guards exp etc than it is exempt from tax for you and no tds would be applicable u/s 194C.
Moreover, repair and maint. charged by any organisation or society of the building not by any individual for individual property.
Praveen Jangir
(Article)
(41 Points)
Replied 15 January 2016
The Lessee already deducted TDS under Section 94C.
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