Income tax on rwa
This query is : Resolved
30 October 2016
Dear Experts, we are an apartment Resident Welfare society registered as a non-profit body under the registrar of societies, our income source are monthly maintenance from members, clubhouse rental (which is rented only to members) and rental from a departmental store which is located inside our apartment and this too is only for our residents and outsiders are not allowed to this store. these rental income are equally divided and subsidized to residents on their maintenance of the apartment. Apart from this our bank account and FD at bank has generated some interest income which also is used for the maintenance of the apartment, we not generating any profit in any manner.
The question now is what is our income tax liability, are we supposed to pay IT on clubhouse rental and departmental store rental along with interest income from bank or is it only on the interest income from the bank account and FD, we need clarification on this and your suggestion will greatly help us.
Thanks in advance
Mahesh Babu
The question now is what is our income tax liability, are we supposed to pay IT on clubhouse rental and departmental store rental along with interest income from bank or is it only on the interest income from the bank account and FD, we need clarification on this and your suggestion will greatly help us.
Thanks in advance
Mahesh Babu
30 October 2016
Income from FD and Bank AC is taxable. Rentals earned from outsiders only taxable.
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