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Apartment Society

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(Querist)
06 December 2019 Members of apartment decided to contribute Rs 50000/- each and deposit as FD. Income received from FD is used for maintenance expenses of apartment.
which option is better for registration?
1. Cooperative housing society
2. Apartment Owners Association

for both options status of applicant is AOP to obtain PAN?
Tax implications for both options?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
06 December 2019 Better option is apartment owners association. Yes AOP status applicable.
Interest earned on deposit taxable at 30% maximum marginal rate in case members earning taxable income.
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