Re: [aurangabad_ca] TDS on rent
Dear Mayur,
Please refer below the FAQ of Circular no. 715 of 1995, which suggests that the limit needs to applied per payee wise though it may be of same property.
"Question 21 : Whether the limit of Rs. 1,20,000 per annum would apply separately for each co-owner of a property ?
Under section 194-I, the tax is deductible from payment by way of rent, if such payment of the payee during the year is likely to
be Rs. 1,20,000 or more. If there are a number of payees, each having definite and ascertainable share in the property, the limit of Rs.1,20,000 will apply to each of the payee/co-owner separately. The payers and payees are, however, advised not to enter into sham agreements to avoid TDS provisions."
Santosh
On Sun, Jan 31, 2010 at 10:43 AM, <rajivjoshica@eth.net > wrote:
Yes U have to deduct TDS as U are paying rent to one and only one pperson .
CA R B JOSHI
----- Original Message -----
From: mayurgosar <mayurgosar@yahoo.co.in >
Date: Saturday, January 30, 2010 7:49 pm
Subject: [aurangabad_ca] TDS on rent
To: aurangabad_ca@yahoogroups. com
> Question : The limit of Rs 1.20 Lakh p.a. for TDS on rent is
> applicable to each payee or to each property
> If I am paying rent of Rs 9000/- p.m. each for two different
> properties (located in two different buildings) to same person, do
> i need to deduct tax
>
> Regrads
> Mayur Gosar
>
>
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AURANGABAD_CA is a Yahoo Group for the benefit of CA and other professional. It is especially meant for written discussion within group members and circulate the information among its members. The mail may contain such research/advice/opinion/information/fact provided by any member or moderator and every contain of the mail or information of yahoo is always subject to the Accuracy and of the description of facts.
The Aurangabad_CA , its moderator/owner do not claim that contains in mail/information obtained after reading as a complete and accurate disclosure of relevant fact(s).
Considering all above facts m the transaction based on above mail may not complete without confirming proper statue/authority/person. Therefore any action/transaction taken on basis of this mail do not imply the accuracy or value . Further this Group's Owner/Moderator/Member are not liable for any damages or costs suffered due to action/transaction based on information on this Yahoo Group.
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