Property rental income vs tds
Property Rental Income Vs TDS
Hi,
I am an Indian Non-Resident. I have only rental income and interest from my NRO Account.
(I) Gross Rental Income varying between Rs.252,000 & Rs. 336,000 per annum, half of which belongs to the husband (NRI) due to his participation in the investment. Income is credited to my/his respective NRO a/c; &
(ii) Interest income from NRO account is between Rs.5,000 & 15,000 per annum (TDS suffered). But TDS is not worth claiming and hence no Tax Return is filed.
The above total falls below the threshold limit (of Rs.5 Lakhs) - (Interest income from NRE Savings/Fixed Deposits are excluded).
A Tax Return was filed only once (when the rental income was very low but it has gone up recently to the above-mentioned figures) and no tax was due thereon, being below the threshold limit.
My questions:
1. Am I eligible to apply for a certificate allowing the tenant to make rental payments without TDS? How cumbersome is it to obtain the same?
2. How to justify the sharing of rental income between myself and my husband when the property was bought in my sole name whereas 50% of the investment and further expenses incurred (capital expenditure) were borne by my husband? My husband is also NRI (income below the threshold limit).