Hi.. Plz help..
U/s- 194I, TDS on Rent has to be deducted if such rent payable to a person exceeds Rs.1,20,000/- in PY.
What if the payment is made at Rs.70,000/- each to the 2 Co-owners of the one building?? Is TDS still to be deducted for both??
3 Replies
Sunitha M Wadhwa
(Financial Research Analyst)
(73 Points)
Replied 06 April 2010
Hi Nitin,
If there are 2 co-owners and you are paying them Rs 70, 000 per co-owner per annum, t/w rent, then you need not deduct tds as the provision cleary says is for "any person" in a year. In your case there are not one but two persons, so you need not worry.
Case 2:- If you are paying one of the co-owner, say Mr. X more than Rs 120000 & coowner 2, say Mr Y less than Rs 120000, then you need to deduct tds only for X only.
If you paying both of them more than Rs 120000 per co-owner then you need to deduct tds for both.
Regards,
Sunitha
Amir
(Learner)
(4016 Points)
Replied 06 April 2010
Dear Nitin,
TDS will not be deducted in this case..since the limit of Rs. 1.20 Lacs applies to each payee.
Recent Topics
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
- Clarity needed on effective date
- Income Tax Refund Deadline Shortened to Five Years
- Rectification Applications for Past GST Demands
- GST Invoices Series
- FILING OF ITR AY 20-21
- CLAIMING OF UNCLAIMED RCM
- Building construction works
- REGARDING GSTR-9 F.Y 2023-24
Related Threads
CAclubindia
