1)Where to show the collection(maintenance, electricity, water charges, etc. ) from member’s and expenses against these collections in the ITR-5 in following cases - a)Collection > Expenses (Profit) b)Collection < Expenses (Loss)
2)Amount received from mobile company as rent for mobile tower constructed on the terrace.
3)Interest received from Pvt bank.
Under which head to show the above items while filling ITR – 5.
And in case of loss, can we adjust the income from mobile company or it will be fully taxable.
As per my knowledge collection of maintenance , electricity and water charges are out of purview of Income tax law based on concept of mutuality. Amount received from mobile company would be taxed under Income from House Property and Interest received from private bank is taxed under the head Income from other sources.
CAclubindia
