Income tax relating to apartment owners association
This query is : Resolved
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.
19 December 2014
Since the share of members is indeterminate the max rate should be applied.
19 December 2014
income tax rate will be higher due to share ration is not fixed.
19 December 2014
apply the highest rate..................
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Showing Gift from relative in ITR for this year
- ITR selection for salaries and capital gain less than L
- Share accounting-->fifo - capital gain - period as per fifo?
- Treatment of Pension ?annuity returns on PMVY
- Soyabean hsn code and gst rate
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- GSTR-4 Annual Return ! Pending Returns for F.Y. 20-21 to 22-23
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- BIS Certificates
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Capital Gain on EUITY Shares
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
