Hi
Whether parnership firm has to deduct tds on rent paid on building which is given as rent free accomadation to a partner
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Tds on rent free accomodation
Replies (4)
If amt is NIL on what amt u'll deduct TDS ?????
Hence i think NO TDS
there is no liablity for the partner who stays. but there is a liablity on the partnership firm at the time of payment of rent to the house owner if the rent exceeds 180000(aggregate) then 10% TDS has to be deducted.
Yes,TDS @ 10% needs to be deducted irrespective of fact that it was given to partner for free
Yes, TDS will be deducted @ 10% under section 194I when payment is made by partnership firm to the owner of the building.
The fact that building has been given by firm to partner as rent free accomodation has no impact on taxablity of building.
Regards
CA SUNNY AGGARWAL
TAX CONSULTANT
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