If any rent paid or payable as rent to a resident person in excess of Rs. 2,40,000 (excluding specified individuals or HUFs).TDS rate for rent on plant and machinery, or equipment is 2%; on land, buildings (including factory building) or land appurtenant there to furniture or fitting is10%. An individual or HUF in business or profession having turnover or gross receipts more than Rs. 1 crore or Rs. 50 lakhs respectively. i.e tax audit persons. is liable to collect TDS.