Taability of welfare association
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 July 2012
Sir, one my client is Flat owners association, regd society, got PAN for submitting the same to bank while making the fixed deposit. pl clarify whether its income is taxable, it has Rs80000/- ecess of income over expenditure (including the accrued interest on FD, for the year 31.03.12.
08 July 2012
In my view, the Surplus generated through mutual contributions remained unspent, is not taxable. However, Interest on FDR is taxable.
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