House property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 November 2012
is a house registered under a registered political party is exempt from tax under head house property???
CA. Subhash Dangi
(Expert)
28 November 2012
Following incomes of Political Parties are exempt from tax -
Income from House Property
Capital Gain
Income from Other Sources
Income by way of voluntary contributions received
Provided that
The Political Party keeps and maintains books of account and other documents that would enable the AO to properly deduce its income therefrom.
For each Voluntary Contribution > Rs20,000, a record and the name & address of the person who has made the contribution must be kept and maintained.
Accounts are audited by a CA.
The treasurer or any other person authorized by the political party in this behalf must submit a report under section 29C(3) of the REPRESENTATION OF THE PEOPLE ACT, 1951 for a financial year.
Therefore, a house registered under a registered political party is exempt from tax under income from House property.
Income from House Property
Capital Gain
Income from Other Sources
Income by way of voluntary contributions received
Provided that
The Political Party keeps and maintains books of account and other documents that would enable the AO to properly deduce its income therefrom.
For each Voluntary Contribution > Rs20,000, a record and the name & address of the person who has made the contribution must be kept and maintained.
Accounts are audited by a CA.
The treasurer or any other person authorized by the political party in this behalf must submit a report under section 29C(3) of the REPRESENTATION OF THE PEOPLE ACT, 1951 for a financial year.
Therefore, a house registered under a registered political party is exempt from tax under income from House property.
Gayathri Devi
(Expert)
28 November 2012
It is exempt
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