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TDS on Rent Payable
Building jointly owned by 3 members of a family is been given on a monthly rent of Rs. 32000/- for a Company. Wheather TDS is to be deducted? If No. How to justify our stand. Please clarify.
Replies (3)
According to Section 194I limit is Rs.180000 per person in a year hence since property is jointly held each person's share comes at Rs. 128000 which is well below limit, no tds required. 🙂
Benefit of non-deduction of tax for limit of Rs.180000 annually will be applicable, only when share in the property of each owner is definite and ascertainable.
These three owner of the property have to justify to the company tenant that our share in the property is definite and ascertainable through an agreement.
This agreement needs to be submitted to the company paying rent.
This agreement needs to be submitted to the company paying rent.
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