Section 194-IB - Payment of rent by certain individuals or HUF (Rationalisation and Simplification of taxation of Capital Gains)

Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

As per provisions of section 194-IB, any person, being an individual or a Hindu undivided family (other than those referred to in the second proviso to section 194-I), responsible for paying to a resident any income by way of rent exceeding fifty thousand rupees for a month or part of a month during the previous year, shall deduct an amount equal to 5% of such income as income-tax thereon.

2. It is proposed that TDS under section 194-IB of the Act be reduced from 5% to 2%.

3. The amendment will take effect from 1st day of October 2024.

[Clause 59]

Full Text:

Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

Dated: 24-7-2024