CA. Vipul V. Garg (Chartered Accountant) (67 Points)
22 August 2008Can any body help me regarding:
1.if any co has taken any property on rent and that property is a jointly owned property then how the tds be deducted on rent if the payment is to be made separately to each Joint owner and there is only one rent agreement and the rent exceeds the eligible amount?
2.also tell the situation if there are separate rent agreement with each individual joint owner?
Satyendra sahu
(service)
(216 Points)
Replied 22 August 2008
Hi Vipul,
See section 194 I, It speaks about rent an individual getting. Property is joint property no issue. Rent agreement is one no issue. But payment should be in two name. Rent limit specified by Law is 120000/- per annum is per individual not per property. Hence both the joint holder can enjoy the exemption limit. Rent agreement should also specify the portion of holding and payment terms in two names.
I hope it will fulfill ur requirement
rakesh kalani
(Article assistant)
(88 Points)
Replied 25 August 2008
YES Satyendra is right.
You should deduct TDS on rent at the applicable rate on payment to both the owners if each payment is Rs 120000 or above annually.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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