Tax liability on flat owners association (aop)
This query is : Resolved
09 February 2013
Dear All,
I got an Assignment of ITR for Flat Owners Welfare Association. Details below
A Y - 2012-13,
Subscription- 42,00,000/-
Donations from External Agencies & Vendors
22,40,000/-
Interest on FD from non Co-op Banks - Rs 12,34,000/-
Rental Income 300000/-
Is all the above income are exempted or only subscription is exempted?
If others are taxable, will it taxed at normal slab of individual or those applicable for co- op societes? (10000- 20000 & above 20000 @ 10%,20% &30% respectively)
Please help me with a clear answer.
Sandeep
I got an Assignment of ITR for Flat Owners Welfare Association. Details below
A Y - 2012-13,
Subscription- 42,00,000/-
Donations from External Agencies & Vendors
22,40,000/-
Interest on FD from non Co-op Banks - Rs 12,34,000/-
Rental Income 300000/-
Is all the above income are exempted or only subscription is exempted?
If others are taxable, will it taxed at normal slab of individual or those applicable for co- op societes? (10000- 20000 & above 20000 @ 10%,20% &30% respectively)
Please help me with a clear answer.
Sandeep
11 February 2013
pls clarify the constitution of the Association
what is the nature of the organisation ??
what is the nature of the organisation ??
15 February 2013
This is an Association of persons(AOP) just like all residents welfare associations(RWA)
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