What wil be the treatment of non-ocupancy charges collected from member and non-member in Co-Op. Soceity hands ?
2 Replies
Rachit
(Analyst)
(913 Points)
Replied 05 March 2010
Non- occupancy charges collected from members is tax-free in the hands of the society on grounds of concept of mutuality.
from non-members its taxable
CA Priya
(CS Final)
(1049 Points)
Replied 05 March 2010
Agree with rachit provided the same is not charged more than 10% of maintenance dues............ Cheers...........
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