Tds on rental income

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

09 January 2015 My mother aged 69 years is having this year's Income as under : Rs. 3.96 Lac Office Rental Income + Rs. 2 Lac Share Trading Income + Rs. 1 Lac Late Father's Pension + Rs. 1.40 Lac her own Pension + Rs.1.5 Lac FD Interest. Total income Rs. 9.86 Lacs

Office Rented to Private Limited co. They want to deduct Tds on Rental income.

My mother is having carried over loss on Share trading business of around Rs 25 Lacs.

Can she get exemption from Tds ?

What declaration ( just like Form 15H that we submit to bank) needed ? Which form we need to fill up and whom to be given to get this exemption ?

Akash Barman

Akash Barman (Expert)
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09 January 2015 Share Trading loss is a speculative business loss which can be setoff against Profit from speculative business.
Only 2 lacs could be set off .
Now the other income crosses the basic slab.
Therefore 15h wouldnot be worked upon.
Rental income would attract TDS....

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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09 January 2015 since your gross income exceeds the basic slab hence 15H is not available for you in this case.

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Querist : Anonymous

Querist : Anonymous (Querist)

09 January 2015 @ Akash Sir,

Share trading is not speculative income. I am showing it as Business income. ( As per my understanding only currency & intraday trading is speculative.) I have shown share trading as my main business activity. Also main portion of trading in our case is of Derivative ( Future & Options) which can be considered as Income from Business.

Now pls suggest.