17 November 2015
one of my client is an Hosing apartment association.
they have a corpus of 2 cr. which is transfers by builder ,which he had collected earlier from the apartment owner.
Association has receive interest on the same rs 20 Lacs.
association yearly exp. are 100 lacs. it collect balance from apartment owners 80 lacs for running maintenance through monthly per sq feet.
my query is whether interest earned rs 20 lac is taxable or exempt in the hand of association.?
CAclubindia
