Tds on rent above 50k a month & split
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 July 2012
I have a question for you. I am planning on renting a residence in mumbai for rs70k a month. I have two questions. Ia am a salaried individual
1. In a company lease TDS is deducted. Is TDS deducted in a personal lease ?
2. The land lord wants to break up the lease into a par rental 40k per month and part payment for funiture 30k per month so that he saves tax. Does it imply that i can use HRA tax benefit only on 40K (which is the rental excluding the furniture tax)? Or will i be able to get tax deduction on the entire 70k net of 10% of basic?
Thanks
Sujay
1. In a company lease TDS is deducted. Is TDS deducted in a personal lease ?
2. The land lord wants to break up the lease into a par rental 40k per month and part payment for funiture 30k per month so that he saves tax. Does it imply that i can use HRA tax benefit only on 40K (which is the rental excluding the furniture tax)? Or will i be able to get tax deduction on the entire 70k net of 10% of basic?
Thanks
Sujay
21 July 2012
In a pesonal lease taken by an employee assessee TDS is not deductible on the rent payable by him.
.
You can use only Rent paid for flat and not for furniture for calculating exempt HRA .
.
The rent paid in respect of furniture has to be borne by the assessee employee.
.
.
You can use only Rent paid for flat and not for furniture for calculating exempt HRA .
.
The rent paid in respect of furniture has to be borne by the assessee employee.
.
21 July 2012
Although you are not required to deduct TDS, but you will be required to give the PAN of your landlord (as the monthly rent is above INR 15K)
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 July 2012
Thanks a rlton Amit and Paras
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
