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TDS on JOINT ACCOUNTS, Income Tax

Issue Id: - 110245
Dated: 26-4-2016
By:- siva bevara

TDS on JOINT ACCOUNTS


  • Contents

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

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Page: 1


1 Dated: 26-4-2016
By:- Ganeshan Kalyani

In my view the income slab of each individual is considered separately to arrive at taxability. Therefore you may ask them why there are going to deduct TDS.

Secondly if they deduct TDS then they are supposed to issue you TDS certificate in Form 16A. The claim of the certificate can be availed while filing of income tax return . Thanks


Page: 1

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