bkp (self-employed) (81 Points)
05 January 2022I have a Flat in Mumbai, occupied on L&L basis, by 2 individuals, each of whom is paying Rs 40,000/- p.m. as rent.
Query:
1) Do they need to deduct 5% towards TDS from the rental amount?
2) If TDS is to be deducted, does it have to be done every month, or can the entire TDS be deducted and deposited in the last month of the FY?
Appreciate advise.
CA Raj Doshi
(Practising CA)
(8820 Points)
Replied 06 January 2022
CA Puja Sharma
(Chartered Accountant)
(4905 Points)
Replied 06 January 2022
As mentioned above, each of the tenant is paying you a rent of Rs. 40,000 per month. TDS u/s 194IB is applicable when the monthly rent is more than Rs. 50,000
CAclubindia
