Our Company was paying office rent of Rs. 20,500. However , building is owned by two owners whose shares are equal.
we are depositing Rs.10,250/- in one owner's bank account. and Rs.10,250/- in another owners's Bank account.
My query is , TDS is to be deducted by the compnay ? if yes how much for each owner ?
In this case w.e.f. AY 2012-13 tax is not deductible since payment made to each owner is less than Rs. 180000/-
Yupp!! I agree with Ketan as the provisions of TDS are applicable in case of payment to any person and not persons..
Rent income chargeable separately in the hands of each landlord, since threshold limit not exceeded, TDS need not be made.. Cant this also be an tax-planning method, ofcourse the documents etc. need to be in conformity..
RMA And Associates LLP
New Delhi
CA Inter
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AJAY SINGH AND CO LLP
Thane
CA Final
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