Concept of mutuality - apartment owners association
This query is : Resolved
13 July 2019
To file an income tax return i require the following clarification
1. I know very well that concept of mutuality applies to apartments owners association and hence the same is exempt from tax. However the association received maintenance charges from both members and non-members. (Ie) tenants. In such case whether it is taxable or exempt from tax.
2.In income tax return where to disclose such exempted income
1. I know very well that concept of mutuality applies to apartments owners association and hence the same is exempt from tax. However the association received maintenance charges from both members and non-members. (Ie) tenants. In such case whether it is taxable or exempt from tax.
2.In income tax return where to disclose such exempted income
14 July 2019
Receipts from Non members is taxable since it is outside mutuality concept.
To route the receipts and payments through IFOS in ITR-5.
To route the receipts and payments through IFOS in ITR-5.
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CA R SEETHARAMAN
(Expert)
14 July 2019
Agreed with the above reply.
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