Hi,
We have rented our house to a Bank. Its a joint property (on my name and my brother).
They are paying Rs/- 2,98,800 as rent for both of us (Rs/- 1,49,400 per person) annually. They are depositing this amount to our joint account.
Bank people saying they need to deduct tax there. My question is
1) As the total amount does not exceed '2,50,000/-' per person, should they deduct the TAX?
2) If they are deducting is there any provision to give TDS forms to me and my brother?
Please help.
Regards,
SivaPrasad.B
Tax Deductions on Jointly Owned Property: Understanding TDS on Rental Income Below Taxable Threshold A user inquired about tax deductions on rental income from a jointly owned property rented to a bank. The annual rent totals Rs 2,98,800, split equally between the user and their brother. The bank intends to deduct tax at source (TDS) despite each individual's share being below the Rs 2,50,000 taxable threshold. A respondent advised that tax liability is assessed individually and suggested questioning the bank about the TDS deduction. If TDS is deducted, the bank must provide a TDS certificate (Form 16A), which can be used when filing income tax returns. (AI Summary)
TaxTMI 
TaxTMI 
