I read in Finiance Ministry supported web site that Individual and HUF are exempt from withholding rent TDS. In the same publication (tax payer guide) they also said that rent has to be more than 1.8 Lac for TDS to be deducted. I have two questions:- a) if both of above are true b) If yes then are individual are exempt from TDS no matter what the rent is. please help
3 Replies
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 13 September 2012
Mr Kumar, In case of individual & HUF if they are liable for tax Audit u/s 44AB for the current year then from the subsequent year & onwards they are liable to obtain the TAN and start deducting tax at source on rent. Also if there are any other expenses that are liable for TDS then TDS shud be made on those also.
Yes the limit for TDS on rent has being increased to 1.80lacs from the previous limit of 1.20lacs.
However if the individual is salaried person then he need not deduct tax on rent.
Revanth
(Job)
(145 Points)
Replied 13 September 2012
Hi Kumar
Finally if the individual has TAN he is liable to deduct TDS otherwise no need to deduct tax.
Arif Ali
(Apt Co Advisory)
(1230 Points)
Replied 13 September 2012
no question of TAN, there is provision that if you are covered under Sec 44AB, liable to deduct TDS if it is not exceeding above 1.8 lac
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