X and Y Owns property jointly and have rental income (let out residential property to company)
Should they recive two cheques in their names
or they recive single cheque in name of any of them
Comment on above and also comment on how TDS is deducted
And advice whether rent cheque to be taken in name of single owner or both owners
Dear Mr.Vipul ,
yes, they should receive rent Cheques in two names separately.
TDS will be deducted by tenant(Lessee) if Rent Amount Exceeds Rs.180000/-For The Entire Financial Year U/s 194I.
sir,
does this mean that tenant need to cut TDS on the rent he pays if total rent in a FY is more than rs 184000?
Mohan
Mr.Vipul is right....Each Coowner will be treated as a separtate owner and Limit of Rs.180000/- will be considered separately .
Agree with Deepak and it will advisable that takes the separte cheque in both name in proportion of their share in said house.
Hi , I am taking a property on rent . Property belongs to joint owners , husband and wife. Owners are asking for 2 different cheques i.e 50% amount in each account. I hope i will be able to get the benefit of 100% amount in tax . which PAN will i show ? should i show both the PANs ?
CAclubindia
