Tds

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CA Final
491 Points Joined June 2012
Introduction-I am a proprietor in a firm and have taken TAN no. In the name of that firm. Now I am purchasing a property in my personal name and 4 that, I have taken unsecured loan in my personal name. On that loan I am paying interest of Rs. 20000/- appx.. Now my query is whether I have to deduct TDS on that interest payment ? If yes, then how ?
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On 06 March 2015 at 16:06 Report
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Chartered Accountant
4780 Points Joined March 2009

Dear Prakash Kumar Singh,

 

As the Loan taken by you is in Personal Name and is taken for the purchase of House, TDS on interest paid shall not be applicable.

However, if Property is used in Business, then TDS to be dedcuted on Interest paid on Unsecured Loan.

 

Regards,

Devendra Kulkarni

Chartered Accountant

+91 9890543808

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On 06 March 2015 at 17:11
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Chartered Accountant
192 Points Joined August 2013
Yes there is no need to deduct TDS on Interest as It is a personal exp if u dont use the property for business's purposes.
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On 07 March 2015 at 14:45
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Articleship
28 Points Joined February 2015
Domestic nature so no TDS. Provided that property not to be used for business purpose.
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On 07 March 2015 at 18:10


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