Leave and license - joint ownership queries


bkp (self-employed)     18 April 2019

bkp
self-employed 
 1 likes  56 points

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My wife and I, are joint owners of a Flat in Mumbai, with my wife being the 1st owner and myself co-owner. We are now planning to give out the apartment on Leave and License Basis to a party. Relatively straightforward questions, I think:

1) Should there be two cheques for the License Fee -  in my wife's name and my name separately? 

2) If we have a joint account, can we just take one cheque in her name - and then while filing IT returns split the License Fee amounts between us?

3) Does the licensee have to deduct TDS while paying the License Fee? What is the limit of exemption, the TDS rate, and does it have to be done on a monthly basis?  Thanks

Read more at: http://www.lawyersclubindia.com/forum/Leave-and-license-agreements-joint-ownership-199078.asp

avater

Dhirajlal Rambhia (KVO Merau Kutchh)     18 April 2019

Dhirajlal Rambhia
KVO Merau Kutchh 
 8910 likes  91199 points

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1. or 2. both acceptable when the total amount offered for taxation as per ownership ratio.

3. Yes, if rent amount is Rs. 20,000/- or more.


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