Housing society taxation

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This query is : Resolved

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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)

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)

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)

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 ??

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