Tds on rent
Hii. every one..
I'm hereby seeking expert advice about TDS on rent.
One of our client paying rent for building of Rs.23,100. But the cheque is issued for Rs.13,100 in the name of landlord's mother and 10,000 in the name of landlord.
lessor is the absolute owner of the land. There is a mention in the lease deed that, lessor includes his legal heirs.
My question is whether TDS is applicable or not in the present case, since the payment to single party not exceeds 1,80,000/-. Please clarify.
Replies (5)
Rs. 23,100 x 12 Months = Rs. 277200 Per Annum Which Is Exceed Rs.1,80,000 So Need To Deduct TDS On Rent
But If Your Client Is Individual And HUF And In The Preceeding FY He Was Not Liable For TAX Audit Then He Don't Have To Deduct TDS In This Current FY
here the assessee is company.
There is one provision in income tax act that, in case of payment to co-owner, limit of 1.8 lakh applicable to each co-owner seperately. whether such provision is applicable in above case.?
Sine You Have Said The Lessor Is Absolute Owner Of The Land So Whether Property Is Co Owned By 2 Person Or Just Single Person For That You Have To Check Original Agreement Copy of Purchase of Your Lessor
If Both Are Co Owener Then Only Apply Individual Limit And Not Only Just For Making Payment To 2 Person Sperately and not just As Showing Legal Heir
Thank you very much for your reply...
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