Rakesh Kumar (B.Com ( H ) Pursuing CA Final ) (327 Points)
03 May 2014Whether Tds is to be deducted on total rent paid against property owned by two persons which is more than Rs 180000 as per 194I or if we deal owner wise it is less Rs 180000 for each. Owner's claim is as the property is held by two persons and it is clearly written in agreement that rent to be paid to two owners separately, tds is not deductable as the each owner wise amount is less than Rs 180000...
Deepak Gupta
(CA Student)
(15922 Points)
Replied 03 May 2014
| Originally posted by : Rakesh Kumar | ||
 |
Whether Tds is to be deducted on total rent paid against property owned by two persons which is more than Rs 180000 as per 194I or if we deal owner wise it is less Rs 180000 for each. Owner's claim is as the property is held by two persons and it is clearly written in agreement that rent to be paid to two owners separately, tds is not deductable as the each owner wise amount is less than Rs 180000... |  |
If there are a number of payees, each having definite and ascertainable share in the property, the limit of Rs. 1,80,000 will apply to each of the payee/co-owner separately.
.
[Clarified vide Circular No. 715, dated 8-8-1995 when the threshold limit was 1,20,000 which was subsequently increased to 1,80,000 w.e.f. 1-7-2010.]
Excel Mastery Program
CAclubindia
