Comments on: How To Prevent TDS on Rent? http://taxworry.com/how-to-prevent-tds-on-rent/ Don't Worry Be Happy ! Mon, 26 Jul 2010 18:03:38 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Asheet http://taxworry.com/how-to-prevent-tds-on-rent/comment-page-1/#comment-291 Asheet Sun, 07 Dec 2008 07:22:00 +0000 http://taxworry.com/how-to-prevent-tds-on-rent/#comment-291 I have a query here.<br/>Suppose their are joint owners of a flat - Husband & Wife. This is their second flat first being self occupied. The Monthly rent rxd is Rs 20,000 from a company who is using flat for residential purpose. The Tenant pays two cheues each of Rs 10k to Husband & wife. The L&L agreement also captures this fact. Now the wife has no other income except this rental income of rs 10k pm. Husband is salaried & shows Total rental income of rs 20k pm x 12 whiel filing His Returns in Form3 as Income from Hse & property.<br/><br/>1. Is the above treatment of rental income wout TDS correct in Itax act.<br/><br/>2. Husband pays the Home Loan EMI on this flat as wife has no income other than this rental income. <br/>A. Can husband only show his portion of rental income (10k pm)in his IT return rather than<br/>20K & claim rebate on full home loan EMIs?<br/>B. Can wife pays the proportionate Home loan equal to Rs 1.2L pa which is her total rental income & claim rebate in her IT returns? This willincrease Husband's Loss of Inc from Hse & propoerty & will be beneficial to the couple. <br/>Pl clarify with relevant cases & case laws I have a query here.
Suppose their are joint owners of a flat – Husband & Wife. This is their second flat first being self occupied. The Monthly rent rxd is Rs 20,000 from a company who is using flat for residential purpose. The Tenant pays two cheues each of Rs 10k to Husband & wife. The L&L agreement also captures this fact. Now the wife has no other income except this rental income of rs 10k pm. Husband is salaried & shows Total rental income of rs 20k pm x 12 whiel filing His Returns in Form3 as Income from Hse & property.

1. Is the above treatment of rental income wout TDS correct in Itax act.

2. Husband pays the Home Loan EMI on this flat as wife has no income other than this rental income.
A. Can husband only show his portion of rental income (10k pm)in his IT return rather than
20K & claim rebate on full home loan EMIs?
B. Can wife pays the proportionate Home loan equal to Rs 1.2L pa which is her total rental income & claim rebate in her IT returns? This willincrease Husband's Loss of Inc from Hse & propoerty & will be beneficial to the couple.
Pl clarify with relevant cases & case laws

]]> By: Kodur_Sathya http://taxworry.com/how-to-prevent-tds-on-rent/comment-page-1/#comment-290 Kodur_Sathya Sun, 07 Dec 2008 06:17:00 +0000 http://taxworry.com/how-to-prevent-tds-on-rent/#comment-290 just to add..<br/>1)The No TDS certificate is issued for each financial year.So for this financial year, you may give now. <br/>2) For next financial year, apply at the earliest say April 09 so that no TDS is done for April 09-March 10<br/>Kodur sathya just to add..
1)The No TDS certificate is issued for each financial year.So for this financial year, you may give now.
2) For next financial year, apply at the earliest say April 09 so that no TDS is done for April 09-March 10
Kodur sathya

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