Taxabilty of societies

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 March 2012 Dear all

one of our client is a society registered under socuities act, 1960. This scoity is engaged in the maintenance of apartments .

The society kept some deposit in a Pvt sector bank and earning interest on this deposit

Pls let me know whether the interest income earned is taxable in the hands of society ?

Thanks in advance

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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10 March 2012 .
This is taxable.
.
You may refer the following :
.
https://www.caclubindia.com/forum/exemption-for-cooperative-housing-society-128134.asp