TaxTMI 
TaxTMI 
There are four owners of a property. The property has been purchased jointly. The rent agreement is separate for each landlord. The TDS deducted is individually. Can we enjoy Small Scale Exemption Individually. i.e. Ten Lakhs each.
Small Scale Exemption of Joint Property
24 Oct 2015 
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Small scale exemption: co owners taxed individually for renting service; exemption applies where each owner's receipts remain below threshold.
Co owners who enter into separate leave and license agreements and obtain separate registrations are taxable as individual service providers for renting of immovable property; their tax liability is assessed by reference to each co owner's individual rental receipts, and the small scale exemption notification applies on a per owner basis when an individual co owner's receipts are below the exemption threshold. (AI Summary)
Co owners who enter into separate leave and license agreements and obtain separate registrations are taxable as individual service providers for renting of immovable property; their tax liability is assessed by reference to each co owner's individual rental receipts, and the small scale exemption notification applies on a per owner basis when an individual co owner's receipts are below the exemption threshold. (AI Summary)