Subscription received by a society
This query is : Resolved
VIKKI SINGHVI
(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?
CA Vijay Kumar Gupta
(Expert)
10 May 2011
In my opinion, admission money/subscription to capital, are capital receipts.
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.
One can not earn from himself. In this case mutuality concept will be applied.
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