I have a Flat in Mumbai, occupied on L&L basis, by 2 individuals, each of whom is paying Rs 40,000/- p.m. as rent.
Query:
1) Do they need to deduct 5% towards TDS from the rental amount?
2) If TDS is to be deducted, does it have to be done every month, or can the entire TDS be deducted and deposited in the last month of the FY?
Appreciate advise.
As mentioned above, each of the tenant is paying you a rent of Rs. 40,000 per month. TDS u/s 194IB is applicable when the monthly rent is more than Rs. 50,000
Thank you Sir, for the clear reply.
Thank you Ma'am for the reply.
Rohit KC Jain & Co
New Delhi
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Murali and Sumeet Chartered Accountant
Bengaluru
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