23 May 2008
dear sir.. i got one doubt.. in case of co-onership of factory which has been let for factory operations for Rs 9000 per month to each owner. so total rent for the year Rs 1,08,000/- per owner which is less than 120000/-p.a in this case TDS applicable..
23 May 2008
IF THE SHARE OF EACH PARTNER IS DISTINCTLY STATED IN THE AGREEMENT OF LEASE , THERE IS NO TDS FOR EITHER OF THE COOWNERS / PARTNERS. THIS IS BECAUSE EACH COOWNER IS GOING TO CLAIM INCOME IN HIS RETURN OF INCOME AS PER THE LEASE AGREEMENT WHICH STANDS TO BE VERIFIED BY AN ASSESSING OFFICER FOR SAKE OF CLARITY AND BENEFIT OF DOUBT TO THE REVENUE. R.V.RAO
CAclubindia
