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Housing cooperative society - return file

Santosh V. Thakur (Sr. Accountant) (187 Points)

14 October 2015

If Housing co-opertive society have PAN Card, there is necessary to file a Return? and there is income limit/criteria over and above to file return?

Kindly suggest. expert suggestion welcome.

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7 Replies

S. Shiroor (Others) (1207 Points)
Replied 14 October 2015

Hsg Co-op Soc Receives income mainly from Int from FD. All FDs must be co-op Bank onlu. Int on FD kept in Co-op Banks does not attract any tax for Co-op Hsg soc.

Subscripttion form members is not an income bcoz it is a maintenence charges paid from Taxed income of subscriber.

If the Hsg Co-Op bank has kept FD in non -cop bank then Income upto 2.5lakhs is exempt. If PAN is obtained then Nil return can be filed.

TAN also should be obtain to deduct TDS from security services, House keeping agency , Fire fighting agency, Garden and swimming pool cleaning agency etc.

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Miss Rinkal (Student) (1309 Points)
Replied 14 October 2015

@ Santosh:

The Co-op. Hsg. Soc is mandatory required to file it return if the total income exceeds the basic exemption limit. Also co-op hsg. society is required to maintain books of accounts.

There are few deductions available u/s 80P. Most of the incomes earned from co-op society are available for deduction. However bank fd's are an exception. They are taxable

@ S. Shiroor:

The basic exemption limit of co-op society is 10000/- and not 2.5 lakhs.

Also wef ay 2016-17, interest on FD of Co-op. Bank is subjected to tax.

S. Shiroor (Others) (1207 Points)
Replied 15 October 2015

Ok Thanks for Info. I didnt know that. I thought 2.5l was limit like us.

Any Idea about Houses coming under "Apartments Ownership Act 1970"

Int and Tax limits

Miss Rinkal (Student) (1309 Points)
Replied 15 October 2015

@ S. Shiroor

With what aspect do you want to know?

Are you talking about legal status of apartment. Then it can be AOP or BOI because it is more of an association. However where the society is a co-op. soc regd. under co-op. Soc. Act and not under apartment ownership act which is assessed as co-op soc only

For more details, you can refer this link.

https://www.lawyersclubindia.com/articles/Difference-between-housing-society-and-apartments-owners-association-and-condominium-6413.asp#.Vh-Nj9-6bGU

Hope this helps you.

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S. Shiroor (Others) (1207 Points)
Replied 15 October 2015

Condominium of apartments. I think it comes under ownership act 1970 of Maha govt.

I wanted to know whether the Co-op soc laws [for tax purpose only] are applicable for Buildings under ownership act. I am staying in one building with 41 members which comea under ownership act 1970.

One account we have with co-op Bank and other Nationalised bank.

For Past 9 years we are filing Nil return.