02-18-2011, 08:27 PM
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by bilalfca</i>
<br /><blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by faisal_desperado</i>
<br />Dear,
You may select any method of your choice, since in both cases, there will have no differentiation in tax outlay. Whether you pay the tax on whole amount by clubbing the two separate amounts or pay the tax individually on the two amounts.
Let me know if confusion is yet to be clarified.
Best Regards,
Faisal.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Dear Faisal,
i've a question
agr hum rent separately calculate karain ge to prob nhn ho gi?
if the rent for the original comtract is 120,000 Rs. p.a and Landlord is an individual.
the rent for the other portion of building is, say, 60,000 Rs. p.a
if we want to calculate the tax, will the Individual not be exempted from tax?
whether tax will be withhold by the tenant in this case (on the basis of separate calculation)
m confused!
help me....
Regards.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Dear,
I replied the query in some other context, while you have observed the other aspect of my reply, which is altogether a seperate issue.
Let me clarify confusions in your query at the outset that;
Individual can not withhold tax, as individual is not a prescribed person, and querier of the query said that "tax was deducted"(i.e. Withheld, which i presumed, while replied, that tax was withheld by prescribed person; since she was not clear in her query).
I further assumed that lessor is same in both cases, so i agreed to Laptop in my next reply.
As far as your query is concerned;
Rs. 6,000 will be withheld on initial 120,000* and Rs. 3,000 will have to be withheld on subsequent 60,000.
Total tax will be 9,000, whether it is calculated on total amount of 180,000 or separately.
*Only if lessor is a company, since 120,000 is within exemption limit for individuals/AOPs, so tax will not be paid, however, as soon as the fair market rent exceeds the exemption limit of Rs. 150,000, tax will have to be paid on subsequent amount i.e. after exemption limit ceases.
I hope things have been quite clear now.
Best Regards,
Faisal.
<br /><blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by faisal_desperado</i>
<br />Dear,
You may select any method of your choice, since in both cases, there will have no differentiation in tax outlay. Whether you pay the tax on whole amount by clubbing the two separate amounts or pay the tax individually on the two amounts.
Let me know if confusion is yet to be clarified.
Best Regards,
Faisal.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Dear Faisal,
i've a question
agr hum rent separately calculate karain ge to prob nhn ho gi?
if the rent for the original comtract is 120,000 Rs. p.a and Landlord is an individual.
the rent for the other portion of building is, say, 60,000 Rs. p.a
if we want to calculate the tax, will the Individual not be exempted from tax?
whether tax will be withhold by the tenant in this case (on the basis of separate calculation)
m confused!
help me....
Regards.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Dear,
I replied the query in some other context, while you have observed the other aspect of my reply, which is altogether a seperate issue.
Let me clarify confusions in your query at the outset that;
Individual can not withhold tax, as individual is not a prescribed person, and querier of the query said that "tax was deducted"(i.e. Withheld, which i presumed, while replied, that tax was withheld by prescribed person; since she was not clear in her query).
I further assumed that lessor is same in both cases, so i agreed to Laptop in my next reply.
As far as your query is concerned;
Rs. 6,000 will be withheld on initial 120,000* and Rs. 3,000 will have to be withheld on subsequent 60,000.
Total tax will be 9,000, whether it is calculated on total amount of 180,000 or separately.
*Only if lessor is a company, since 120,000 is within exemption limit for individuals/AOPs, so tax will not be paid, however, as soon as the fair market rent exceeds the exemption limit of Rs. 150,000, tax will have to be paid on subsequent amount i.e. after exemption limit ceases.
I hope things have been quite clear now.
Best Regards,
Faisal.