Renting of immoveable property for commercial purposes
This query is : Resolved
06 November 2012
Facts of case:
1. Renting of immoveable property by NRI to a Resident.
2. Property is let out for commercial purposes.
3. NRI is a employed abroad and has no place of residence/business in India.
Queries :
1. Does this case fall under deduction u/s 195 as 194I is applicable for only rental income of resident. If it falls under 195 will the applicable rate of TDS be 30.90% (30%+education cess 3% of tax)?
2. Does the exemption limit of Rs 1,80,000.- apply for TDS. Presumably not as it not falling u/s 194I.
3. If lessee is a person who is engaged in business and whose turnover does not exceed prescribed limit u/s 44AB (Tax Audit) is he also required to make TDS.
4. Under which head of income will the NRI be assessed in India
1. Renting of immoveable property by NRI to a Resident.
2. Property is let out for commercial purposes.
3. NRI is a employed abroad and has no place of residence/business in India.
Queries :
1. Does this case fall under deduction u/s 195 as 194I is applicable for only rental income of resident. If it falls under 195 will the applicable rate of TDS be 30.90% (30%+education cess 3% of tax)?
2. Does the exemption limit of Rs 1,80,000.- apply for TDS. Presumably not as it not falling u/s 194I.
3. If lessee is a person who is engaged in business and whose turnover does not exceed prescribed limit u/s 44AB (Tax Audit) is he also required to make TDS.
4. Under which head of income will the NRI be assessed in India
07 November 2012
Dear Vivek,
Answers to questions 1 to 3 are YES.
The NRI shall be assessed as "Income from House Property".
Anuj
Femaquery@gmail.com
Answers to questions 1 to 3 are YES.
The NRI shall be assessed as "Income from House Property".
Anuj
Femaquery@gmail.com
Message likes :
1 times
09 November 2012
Thanks a lot Anuj.
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