Apartment Society
This query is : Resolved
06 December 2019
Members of apartment decided to contribute Rs 50000/- each and deposit as FD. Income received from FD is used for maintenance expenses of apartment.
which option is better for registration?
1. Cooperative housing society
2. Apartment Owners Association
for both options status of applicant is AOP to obtain PAN?
Tax implications for both options?
which option is better for registration?
1. Cooperative housing society
2. Apartment Owners Association
for both options status of applicant is AOP to obtain PAN?
Tax implications for both options?
06 December 2019
Better option is apartment owners association. Yes AOP status applicable.
Interest earned on deposit taxable at 30% maximum marginal rate in case members earning taxable income.
Interest earned on deposit taxable at 30% maximum marginal rate in case members earning taxable income.
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