What are TDS rules of a jointly-owned property if rent exceeds ₹50,000?
Section 194IB casts a duty on all individuals and HUF to deduct tax at 2% during month of March from rent paid to a resident if rent for a month exceeds ₹50,000. However, if property is jointly-owned and rent payable to each of the owners is below threshold of ₹50,000, the tenant is not required to deduct tax at source.