Tds on rentals and corous

Querist : Anonymous (Querist) 12 December 2024 This query is : Resolved
I have been given to understand that the developer cannot deduct TDS on corpus fund and rentals from the members when the building
goes for redevelopment. Need clarification on this matter.

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T. Kalaiselvan, Advocate (Expert) 12 December 2024
Receipt of corpus fund is a capital receipt and hence non taxable.
According to section 194-IC, if under a joint development agreement, any developer pays any amount to the land owner in addition to the share in the project, then such builder shall deduct TDS @ 10 % on such payment.
Transit rent received from builders during redevelopment projects is not taxable and thus is exempted from tax deduction at source (TDS) obligations

Dr. J C Vashista (Expert) 15 December 2024
Corpus fund is non-taxable.

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Tds on rentals and corous

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