Transfer fee received by cooperative society

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SNDEP (Querist)
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07 July 2013 transfer fee received by cooperative housing society from its incoming outgoing members. Are such transfer fee liable to tax in the hands of cooperative society.
please explain taxation in the hands of society and members.

Ganeshbabu K

Ganeshbabu K (Expert)
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07 July 2013 So far as principal of mutuality is maintained it is not taxable..

if suppose they have invested this income in some FIXED DEPOSIT or some other way then incometax comes

SNDEP

SNDEP (Querist)
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07 July 2013 if principal of mutuality not maintained then wat will happen.
trsfer fee and stamp duty are same thing?

Ganeshbabu K

Ganeshbabu K (Expert)
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07 July 2013 means if they are investing income in some outside for interest or some other way..it is taxable and slabs will be as par with individuals

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