Income tax applicability for appartment owner's association
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 July 2012
Hi..
I have a query with respect to status of Appartment Owner's Association (hereinafter referred to as AOA),
- Rate of income tax for AOA.
- I have read in one article, interest from cooperative banks on FD made of deposits received from members is exempt in the hands of AOA, and interest from other banks is chargeable, is it true?
- AOA has a loss of 1.80 Lac as a start up and 0.30 lac as interest income from nationalised bank, how it should be applied?
Thnx with Regards
I have a query with respect to status of Appartment Owner's Association (hereinafter referred to as AOA),
- Rate of income tax for AOA.
- I have read in one article, interest from cooperative banks on FD made of deposits received from members is exempt in the hands of AOA, and interest from other banks is chargeable, is it true?
- AOA has a loss of 1.80 Lac as a start up and 0.30 lac as interest income from nationalised bank, how it should be applied?
Thnx with Regards
Amol S Joglekar
(Expert)
02 July 2012
Apartment versus Co operative Society. Apartment is taxed as AOP. Interest from co operative bank is taxable in the case of apartment.
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