TAXATION OF HOUSING SOCIETY

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JAGDISH

JAGDISH (Querist)
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27 June 2009 WHAT IS THE PROCESS OF TAXATION OF HOUSING SOCITY,
SOCIETY IS LIABLE TO PAY ANY INCOME TAX??
CONFRIM PLZ..

Sanjeev Jain

Sanjeev Jain (Expert)
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28 June 2009 Hie Jagdish,

Yes, Society is liable to pay Income tax however not liable to pay Wealth Tax.
Taxation process will be carried out according to da status of the society and the limit defined for the max. amount which can not be charged to tax.