M
TDS on Rent Payments on Flats is to be deducted mandatory by the Tenants/Licensee under a leave and license agreement in Mumbai.
TDS on Rent Payment is quiet a recent thing and there are a lot of defaults seen in this Section due to ignorance by both the Owners and the Tenants.
TDS is to deducted by the Licensee who is renting an apartment/flat or a house by a Company @10% and by Individual Licensee should be 5% of the monthly rent amount if the rent is exceeding Rs.50000/- per month by Individuals who are not liable for Tax Audit.
In Mumbai most of the apartments in Bandra - Juhu - South Mumbai - Powai etc are above Rs.50000/- rent so its important that both the Owners and the Licensee (Tenants) understand this provision of law and there are no defaults on this.
We must never confuse elegance with snobbery