apartment owners association

AOP is association of persons 

for your question answer is no 

sorry could not understand cn u elaborate the answer?

Clearly explain what you want to know???

we are residing in a flat.... it is registered under state societies in tamilnadu. i would like to know the income tax applicability
1. is it an AOP
2. Is the interest earned on corpus fund parked in nationalised bank taxable??
3. i understand the maintenance charge from members not taxable on the concept of mutuality
4. what is the rate of taxation applicable to this apartment association Individual or MMR?
5. if we have more expenses than collection of maintenance charges can we off set the loss against interest income from fixed deposits??
need clarification on the above points. thnk u

1. Yes it is AOP
2. Interest on corpus fund if form part of fund then not considered as an income.
3. Maintenance charges also form part of income
4. As per individual
5.Loss set off against Income from FDR also.

thank you for your prompt reply
1. interest income will be credited to sb account which can be used in case of exigencies only. in this case is it taxable??
2. maintenance forms part of income, but then is this taxable??
thnk u

1.It is also taxable.
2. Same is taxable.

but i read maintenance charges collected from members of the association for running the flat is exempted on the basis of concept of mutuality. if collected from non members only it is taxable.is it so?? can you please confirm??

Will confirm after check it.