<s>[INST] What is the threshold limit prescribed for the deduction of tax under section 194-I? [/INST] The tax shall be deducted by the payer if the amount paid or payable exceeds Rs. 2,40,000 during the financial year.

 However, in the case of joint owners of a property, the threshold limit of Rs. 2,40,000 applies to each owner individually if their share in the property is definite and ascertainable.​ </s>