Tds
Introduction-I am a proprietor in a firm and have taken TAN no. In the name of that firm.
Now I am purchasing a property in my personal name and 4 that, I have taken unsecured loan in my personal name. On that loan I am paying interest of Rs. 20000/- appx..
Now my query is whether I have to deduct TDS on that interest payment ?
If yes, then how ?
Replies (3)
Dear Prakash Kumar Singh,
As the Loan taken by you is in Personal Name and is taken for the purchase of House, TDS on interest paid shall not be applicable.
However, if Property is used in Business, then TDS to be dedcuted on Interest paid on Unsecured Loan.
Regards,
Devendra Kulkarni
Chartered Accountant
+91 9890543808
Yes there is no need to deduct TDS on Interest as It is a personal exp if u dont use the property for business's purposes.
Domestic nature so no TDS.
Provided that property not to be used for business purpose.
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