Flat owner association

Tax queries 348 views 1 replies

FLAT OWNERS ASSOCIATION CONTRIBUTION SURPLUS IN ASSOCIATION BOOKS IT IS TAXABLE IF WE OBTAIN PAN NO. & REGISTRED WITH REG. OF ASSOCIATION  

Replies (1)

If the surplus amount constitues only collections from members, it is not taxable on the principle of mutuality. But Interest from bank deposits, mobile tower rent recd etc is taxable.


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