Concept of mutuality - apartment owners association
This query is : Resolved
13 July 2019
To file an income tax return i require the following clarification
1. I know very well that concept of mutuality applies to apartments owners association and hence the same is exempt from tax. However the association received maintenance charges from both members and non-members. (Ie) tenants. In such case whether it is taxable or exempt from tax.
2.In income tax return where to disclose such exempted income
1. I know very well that concept of mutuality applies to apartments owners association and hence the same is exempt from tax. However the association received maintenance charges from both members and non-members. (Ie) tenants. In such case whether it is taxable or exempt from tax.
2.In income tax return where to disclose such exempted income
14 July 2019
Receipts from Non members is taxable since it is outside mutuality concept.
To route the receipts and payments through IFOS in ITR-5.
To route the receipts and payments through IFOS in ITR-5.
Message likes :
1 times
14 July 2019
Agreed with the above reply.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Inventory of finished goods
- Confusion around Form 26QB fields
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Disallowance of Section 43B(h) to sez units
- RCM INVOICING FROM NOV-2024
- Tds on building rent monthly
- GST Regis.
- Sale of property furniture sale
- Is correct way to find out capital of individual on 31st March
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
