Dear Esteemed Colleagues,
I request your assistance with regards the below:
Facts of the case are as under:
Four individuals jointly own a property which they have recently let-out. They are required to pay brokerage of Rs. 70,000 to an estate agent. None of these individuals are subject to audit or have a TAN allotted.
Query:
- Are these owners required to deduct Tax on the brokerage?
- If yes, request you to also answer the following:
- What rate
- Will it be on an individual basis or collectively? (Note : the rent is received individually and not as a group, AOP or BOI)
- Will they have to get TAN for such deduction
- Is there are exemption available in such cases
Please free to highlight any other detail, case laws for the above.
Thank you all in advance for all your replies,
CA CSJ
CAclubindia
