CMA RAVI GUPTA (MT in VPL) (493 Points)
26 October 2009
1. what is the meaning of annual charge and it's tax treatment?
2. tax treatment when house is owned by co-owners and their share are not definite?
3. benefit of S.O.house wil be available if house is used in residence of relatives of the assesse ?
4. IS tenant liable to deduct TDS on rent, if yes, then when and what is the rate of tds?
CA Suri Kota
(Assistant Manager @ EY)
(955 Points)
Replied 26 October 2009
4. If the tenant is an individual he is not liable to deduct TDS.
If the tenant is other than an individual , TDS has to be deducted at 10 % (from October 1st onwards NO surcharge & Ed.cess) if the annual rent exceeds Rs. 1.2 lacs.
3. The benefit of S.O. House is nt available if it is used by the relatives of an assessee......as the usage by relatives does not mean the usage by Assessee himslef.
2. I don't think an asset can be co-owned without definite share..............jus check it out again.
Gaurav Raichura
(CA-Final Student)
(82 Points)
Replied 26 October 2009
Kind Attn. Mr. Suri.........
If an Individual has gross receipt / turnover exceeding the prescribed limit u/s. 44AB, then also he/she will not be liable to make TDS ?
CA Suri Kota
(Assistant Manager @ EY)
(955 Points)
Replied 26 October 2009
No....If an individual comes under TAX Audit Purview.........definitely he is liable to deduct TDS....................
CA Suri Kota
(Assistant Manager @ EY)
(955 Points)
Replied 27 October 2009
Most welocome................
CAclubindia
