Incomes received by a apartment association
This query is : Resolved
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?
and other incomes like Interest on Fixed Deposits,Mobile Tower Rent..etc received by it?
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 .
then his income as mention you and exp against these charges will adj.
the income will exempt u/s income tax u/s 80P .
15 April 2014
Yes Sir,the Apartment Association had registered as Society.Then what is the implication on its tax liability?
15 April 2014
u/s 80P net taxable income will NIL
15 April 2014
But 80P relates to Co-operative society,Apartment Association is only a society.
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.
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.
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