09 June 2015
Is the income of (AOP)association of persons charging maintenance charges from shops in mall exempt according to the mutuality concept?
What conditions should be fulfilled to apply mutuality concept? If some shops are on rent and maintenance charges are paid by the tenant to the association, whether they will also be covered under mutuality concept or not?
09 June 2015
All the shops have separate owners so rental income is earned by shop owners and not by association but maintenance charges are paid by tenants to the association so I want to ask whether maintenance income can be covered under mutuality principle on the basis of which the income can be exempt.
CAclubindia
