TDS ON RENT when property is in joint name
This query is : Resolved
08 April 2008
A comany has taken a house property on rent for its officer ,which is in joint name of Mr x and Mrs X.
Comapny is paying Rs 13000/- P.M by a single cheque for rent
Whether company has to deduct the TDS on same ?if yes ,against whom PAN company can deduct TDS .
Comapny is paying Rs 13000/- P.M by a single cheque for rent
Whether company has to deduct the TDS on same ?if yes ,against whom PAN company can deduct TDS .
08 April 2008
You can enter into agreement with one of them and pay rent to him with whom you have agreed with. TDS formalities will follow on th same lines
08 April 2008
But the company has already entered intoagreement with both of them(Mr and Mrs X).
08 April 2008
then u have to issue cheqes in both of the persons as per agreement and if that is below rs. 120000 in per person then u have not deduct the tds.
08 April 2008
We have similar issue for our Office. We issue two seperate Cheques
08 April 2008
In my opinion as there is only one contract ,and that too in join name of Husband and wife so we cannot issue two cheques just to Avoid the tax.
08 April 2008
If in the agreement the terms of Payment are disclosed,that company should (make the payment to) issue the cheque either on Husbund's or wife's name the company should deduct the TDS against the person to whom payment was made.
10 December 2008
In the agreement, a clear mention is made indicating the amounts for which seperate cheques are to be drawn in the name of husband and wife. There is no harm in such writing. If property is held in joint names, we do well issue two seperate account payeee crossed cheques and obtain seperate acknowledgments from both husband and wife
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