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 ?
CA. Anuj Gupta
(Expert)
17 March 2013
Any income Should not be taxable.
Anuj
Femaquery@gmail.com
Anuj
Femaquery@gmail.com
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