Tranfer fees collected from members in a hsg coperative society
This query is : Resolved
jagdish ahuja
(Querist)
18 February 2023
in one hsg coperative society - tranfer fees to incoming members was charged at particular rates
which is now limted to max 25000/- per flat
income tax has now issued a notice bringing all transfer fees received as normal income .
pls guide whether the same is taxable or exempt as the society was collecting the same for
repairs -which was also spent on repairs
if any case laws are there -- pls guide and forward
PLS GUIDE
THANKS
which is now limted to max 25000/- per flat
income tax has now issued a notice bringing all transfer fees received as normal income .
pls guide whether the same is taxable or exempt as the society was collecting the same for
repairs -which was also spent on repairs
if any case laws are there -- pls guide and forward
PLS GUIDE
THANKS
Dhirajlal Rambhia
(Expert)
18 February 2023
Transfer fees are taxable. No case law in favor of non-taxability.
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