AOP taxation

sahana Murthy (Student) (123 Points)

09 June 2011  

Hi Everybody

We have an audit of AOP which is association of flat owners. This AOP has interest income from the corpus deposited with the bank. My question is whether the interest earned can be reduced by the maitenanace expenses of the AOP and only net income be offered to tax.

Awaiting reply from the learned members.

 

Thanks in advance

Sahana Murthy