Taxability of hsg society
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 February 2012
An extract of Income and expenditure of Co op Hsg Society:
Expenditure:
Society Expenses 28 Lakhs
Interest paid on sinking fund investments 5 lakhs
Income:
Members Contribution 20 Lakhs
Interest income from scheduled bank 8 lakhs
What is the taxability of the above Co op Housing Society?
Whether
i)Loss of Rs 5 lakhs as per I / E Account (Receipts of Rs 28 LAkhs -Payments of rs 33 Lakhs)
ii)Income of Rs 3 lakhs being net of interest income? (Interest income of Rs 8 Lakhs - Interest paid rs 5 lakhs)
iii)Income of Rs 8 lakhs (being interest income 8 lakhs ?
Expenditure:
Society Expenses 28 Lakhs
Interest paid on sinking fund investments 5 lakhs
Income:
Members Contribution 20 Lakhs
Interest income from scheduled bank 8 lakhs
What is the taxability of the above Co op Housing Society?
Whether
i)Loss of Rs 5 lakhs as per I / E Account (Receipts of Rs 28 LAkhs -Payments of rs 33 Lakhs)
ii)Income of Rs 3 lakhs being net of interest income? (Interest income of Rs 8 Lakhs - Interest paid rs 5 lakhs)
iii)Income of Rs 8 lakhs (being interest income 8 lakhs ?
17 March 2013
Any income Should not be taxable.
Anuj
Femaquery@gmail.com
Anuj
Femaquery@gmail.com
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Copyright software
- SFT Cash Deposit in Current Account
- Multiple trade mark
- FORM 26A APPLICABILITY
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
