vipul (ca ipcc) (76 Points)
22 December 2014X and Y Owns property jointly and have rental income (let out residential property to company)
Should they recive two cheques in their names
or they recive single cheque in name of any of them
Comment on above and also comment on how TDS is deducted
And advice whether rent cheque to be taken in name of single owner or both owners
CA DEEPAK ARORA
(EMPLOYEE)
(49 Points)
Replied 23 December 2014
Dear Mr.Vipul ,
yes, they should receive rent Cheques in two names separately.
TDS will be deducted by tenant(Lessee) if Rent Amount Exceeds Rs.180000/-For The Entire Financial Year U/s 194I.
Mohan Kumar
(Others)
(49 Points)
Replied 28 December 2014
sir,
does this mean that tenant need to cut TDS on the rent he pays if total rent in a FY is more than rs 184000?
Mohan
vipul
(ca ipcc)
(76 Points)
Replied 28 December 2014
CA DEEPAK ARORA
(EMPLOYEE)
(49 Points)
Replied 02 January 2015
Mr.Vipul is right....Each Coowner will be treated as a separtate owner and Limit of Rs.180000/- will be considered separately .
Arif Ali
(Apt Co Advisory)
(1230 Points)
Replied 02 January 2015
Agree with Deepak and it will advisable that takes the separte cheque in both name in proportion of their share in said house.
virendra shekhawat
(2 Points)
Replied 02 July 2021
Hi , I am taking a property on rent . Property belongs to joint owners , husband and wife. Owners are asking for 2 different cheques i.e 50% amount in each account. I hope i will be able to get the benefit of 100% amount in tax . which PAN will i show ? should i show both the PANs ?
CAclubindia
