Tax liability in case of an AOP

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(Querist)


17 March 2008

Suppose an AOP has the following income:
Dividend = 50000
Rent = 1000000
Interest = 1000
STCG = 150000

And it also has a corpus donation of 10 lacs.


So What will be the tax liability of AOP?

pushpendra (Expert)


17 March 2008

Pl. clarify
Rent from house property or commercial property or .?
Intt. from ?
Status of AOP Trust or other AOP?


pushpendra (Expert)


17 March 2008

Pl. tell the Assessment Year also.

romil jain (Querist)


18 March 2008

its rent from commercial property
n its interest from bank
its an AOP Trust.
n also explain what would be the difference if rent would have come from house property

CA Hemant T Dewani (Expert)


19 March 2008

if it is trust and registered u/s 12A of
the i tax act then interest dividend and incoe from house property is exemted from tax and you received stcg what purpose you invest it is important otherwise it is taxable
corpus donation are donations received with a specific direction that the donated amount shall form part of the corpus of the trust.Such donations are not treated as income but are regarded as capital receipts not chargeable to tax





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