Income tax return of co-op hsg soc
This query is : Resolved
05 March 2014
Dear All,
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.
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.
05 March 2014
Hello,
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.
Regards,
Neha Chauhan
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.
Regards,
Neha Chauhan
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
- House Property Reporting in ITR
- Refund Annexure-B
- TDS Claim year
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Challan Code
- Refund of 20%pre-deposit paid for stay application
- Liable to deduct tds and 44ADA
- Rent lease agreement
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- 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
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
