09 June 2020
sir, i have property registered with me and my son now i want to give on rent can i take rent in only my account and pls tale me what is the procedure of tds
09 June 2020
Yes, you can receive the rent in your account. But keep in mind, the person claiming income will have to bear the tax liability accordingly. For FY 2020-21, If the rent paid for the year exceeds Rs.2,40,000/-, Person making payment of rent needs to deduct TDS @ 10% (5% if rent exceeding Rs 50,000 / month is paid by individual/HUF who are not liable for tax audit) Being the receiver of the rent, TDS will reflect in your Form 26AS for the respective period.
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