Income tax relating to apartment owners association
This query is : Resolved
C.A Samanna Gaffoor
(Querist)
19 December 2014
1.the apartment owners association has income from fixed deposit above rs 5 lack . so should ITR-5 be filed for it since its an AOP.
2.However in ITR-5 it requires the details of its members and their share . Since the AOP is formed only for the purpose of maintenance of the building and the only receipt is towards the maintenance charges ,should the details for the member's be given.
3 . the fixed deposit is created from the amount paid at time of purchasing the flat . so no member has any right in this interest. its only for the maintenance of the building.
kindly clarify whether tax should be calculated as per slab rate or since the share of member is indeterminate the max rate should be applied.
CA R SEETHARAMAN
(Expert)
19 December 2014
Since the share of members is indeterminate the max rate should be applied.
Rupesh Jain
(Expert)
19 December 2014
income tax rate will be higher due to share ration is not fixed.
19 December 2014
apply the highest rate..................
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