Housing society taxation

Save Share

This query is : Resolved

Quick Summary

This discussion explores whether housing societies can deduct maintenance expenses from interest earned on Fixed Deposits (FDs) with nationalised banks. The consensus is that maintenance charges are deductible against member contributions, not FD interest. It also questions if a shortfall in member contributions versus expenses can be claimed as a business loss against other income sources.

Krishna

Krishna (Querist)
Follow

08 March 2022 If housing society earns interest on FDs with nationalised banks; can expenses like maintenance be deducted from said FD interest income????

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

08 March 2022 For housing societies maintenance charges are deductible from the contribution received from its members, and need not be deducted against any FD interest income.

Message likes : 1 times

Krishna

Krishna (Querist)
Follow

15 March 2022 Sir; if members contribution is less & expenses more, can this loss be claimed as business loss & set off against income from other source ??

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now