Tax liability of an housing society
This query is : Resolved
CA shubhra
(Querist)
30 January 2009
hi, I would like to know ..what is the tax liability of an co-operative housing society which collects monthly maintainence from members for common society expenses.the society is not oing any commercial activities.
CA. B.SRINIVASULU
(Expert)
30 January 2009
Like any other service organisation you have to calcluate profit and loss account Arrive at the profit.
If it is registered under society act then it will have the status of society.
If the housing society is not registered then it will treated as an Association of persons - aop
If it is registered under society act then it will have the status of society.
If the housing society is not registered then it will treated as an Association of persons - aop
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