Incomes received by a apartment association

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sudheer kumar (Querist)
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15 April 2014 What is the Taxability of an Apartment Association in relation to Maintenance income
and other incomes like Interest on Fixed Deposits,Mobile Tower Rent..etc received by it?

Rupesh Jain

Rupesh Jain (Expert)
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15 April 2014 pls check apartment already regd under society act.
then his income as mention you and exp against these charges will adj.

the income will exempt u/s income tax u/s 80P .

sudheer kumar

sudheer kumar (Querist)
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15 April 2014 Yes Sir,the Apartment Association had registered as Society.Then what is the implication on its tax liability?

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Rupesh Jain

Rupesh Jain (Expert)
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15 April 2014 u/s 80P net taxable income will NIL

sudheer kumar

sudheer kumar (Querist)
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15 April 2014 But 80P relates to Co-operative society,Apartment Association is only a society.

C.A. Mayur J. Raiyani

C.A. Mayur J. Raiyani (Expert)
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15 April 2014 The condition is that it should be registered under Co-op societies Act. Check reg. certificate.
the whole matter is under the head income from other sources. Exp as well as income will fall under other sources. Exp can be claimed u/s 57(3) after finding total income deduction u/s 80P(2)is available to the extent of Rs. 50k.