TDS on JOINT ACCOUNTS, Income Tax

[siva bevara]

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

Posts / Replies

[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