TDS deduction on Rent payment

Income Tax 1961 Income from House Property
1

Hi Team

I have rented an apartment at 40K/month and subletting same at 70K/month

  1. Tenant said that she will deduct 2% TDS amount on the rent amount. Shall it be depsoited against my PAN or owner PAN ?

  2. Can I declare it as income from property or sohuld i declare as other income ?

  3. In case i declare as other income and TDS is deducted under my PAN, how can i claim same amount ?

  4. In case of other income shall i show gross income or net income. If i have to show gross income, where to show cost to get final taxable income

2

Hello @Vaibhav_Gupta

The following is the answer to your queries:

  1. TDS should be deducted against your PAN and not the owner’s PAN
  2. The income received should be shown under “Income from other sources” only because house property income can only be reported by the owner of the property.
  3. You can claim the TDS deducted by filing the ITR and filling in the relevent TDS details
  4. When filing ITR you need to show gross income in “Schedule Other sources” and claim the expenses in “Deduction under section 57” in the same schedule.

Hope this helps !!