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Subscription received by a society

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(Querist)
10 May 2011 One of my assessee is a society registered under Societies Act. In this regard, I would like to know whether any subscriptions and admission fees received by it from its members would be taxable or it would be treated as capital receipts?
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CA Vijay Kumar Gupta

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CA Vijay Kumar Gupta (Expert)
10 May 2011 In my opinion, admission money/subscription to capital, are capital receipts.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
12 May 2011 On the mutuality aspect the sum received will not be taxable. Even though society is a separate legal entity but it is not separate from its members.

One can not earn from himself. In this case mutuality concept will be applied.
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