Can expenses of society be deducted from interest income of
This query is : Resolved
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
29 November 2016
Expenses can't be claimed on interest income.
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
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.
29 November 2016
thank you sir for the reply
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- Regarding ITR filing with more value than showing in AIS/TIS
- F & O PROFIT REPORTING FOR AY 2026-27
- TDS _Long term Capital Gain ref.sec 214 Table 2
- ITR-3 File/Error Found
- Taxability of credit in canara bank ET & T section (NRO)
- TAX AUDIT QUESTION
- Reporting in TDS return
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
