Can expenses of society be deducted from interest income of
This query is : Resolved
abdulqadir
(Querist)
28 November 2016
In my society maintaianace charges are collected less beause there is income from from fds and still society is running in loss
Please suggest can it be claimed as deduction from interest income in incometax return
Please suggest can it be claimed as deduction from interest income in incometax return
CA R SEETHARAMAN
(Expert)
29 November 2016
Expenses can't be claimed on interest income.
abdulqadir
(Querist)
29 November 2016
please can you explain why it cannot be claimed
as due to interest component
maintainance of the society is descreased and that fund is used for expenditure of society
as due to interest component
maintainance of the society is descreased and that fund is used for expenditure of society
CA R SEETHARAMAN
(Expert)
29 November 2016
Maintenance charges collected from the members is a non taxable income to the society. The expenses are incurred against this collection.
The interest earned by the society is a taxable income of the society, for earning this interest no expenditure incurred by the society, hence no expenditure will be allowed on interest income.
The interest earned by the society is a taxable income of the society, for earning this interest no expenditure incurred by the society, hence no expenditure will be allowed on interest income.
abdulqadir
(Querist)
29 November 2016
thank you sir for the reply
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