Tds on rent
Vis (Software Engineer) (25 Points)
25 May 2013Vis (Software Engineer) (25 Points)
25 May 2013
S.Satya
(CA-FINAL STUDENT)
(68 Points)
Replied 25 May 2013
Hi,
Before you rush to submit the Form 15G or 15H, make sure that you are eligible. An individual or HUF must satisfy condition .
First, the estimated taxable income for the financial year should be less than the basic exemption limit. This is Rs 2 lakh for individuals below 60 years and HUFs, Rs 2.5 lakh for senior citizens, and Rs 5 lakh for very senior citizens above 80 years.
Check based on your mother age basic exemption is applicable & based on given information total year income is 198000 if renat is increased more than 200000 TDS is applicable if Your mother age is bellow 60 years.
there is no problem in selling of land if submited 15G
Vis
(Software Engineer)
(25 Points)
Replied 25 May 2013
Thanks Satya.
Could you please reconfirm if the cap is 2 lk or 1.8 lk? Most of the google search says its 1.8lk and tds will be applicable to the entire amount if it exceeds 1.8lk.
If the limit is 2lk,could you please share the official government link where it is mentioned so that i can convince the tentant not to detect the TDS by showing that link. My mother is below 60 yrs .
Thanks,
Viswanath
Ateeq
(CA - Final)
(218 Points)
Replied 25 May 2013
Hello "Vis",
Apart from your rental income you must consider income from house property also i.e., notional rent. Since you can claim from or among houses any one of your choice as your residential property and on the rest will be deemed to be lent or deemed income.
Hence ensure that if even after considering this aspect if the income is less than the threshold limit then you can get certificate for non-deduction or lower deduction.
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