Co-Op Housing Society

1.The income is treated as business income or income from other source.

2.you can take the deduction of expenses if any only related to this

3.sorry

4.AOP

5. the rate is confirm

6.no need

7.file physical return ( select option as AOP) or first change the PAN no & then file return

note :- as my knowledge the PAN no will remain same but status of co-operative will be change in syatem.

8.sorry. better to take the advised of CA

1) The rent will be treated as 'House Property Income' and only Standard deduction of  30% can be claimed u/s24,(No Borrowed Funds) & balance will be taxed ?  

Rent earned by renting of mobile tower is not chargable under Income from House property but the same is charged under Business

2) While Installing Tower we had a middleman, whoe is paid Rs.X (TDS is Deducted) for consultancy fees for Tower (sort of Commission)., Whether this can be adjusted against the Rent & balance rent can be taken as Net Rent Income ?  

Since income from tower is business income, you can claim the expenditure

3) There is a defict in I&E a/c of Rs.X (after removing the Rent Income), whether this Normal Defit can be in any way adjusted against the Rent income ?   

Tower rent is business income

4) Whether a Cooperative Housing Society is a AOP or Artificial Jurisdic Person?  

AOP

5) If AOP, the rates of IT applicable to Societies is applicable (i.e.on First 10K @ 10%, on neaxt 20K @ 20% & on Bal @ 30%), Pl. Confirm.  

The rate of Tax of AOP is correct, however the excess of income over expenditure from members for benefit of members is not taxable based on concept of mutuality. However this concept is not applicable on the income from letting, interest on FD earned from deposit kept other than co operative bank and other income from non members

6) If Artificial Jurisdic Person, normal rate applicable to Individual is applicable ( Confirm)  

Yes, but society is AOP

7) In the PAN alloted to Society the fourth letter is  'j' denotes Artificial Jurisdic Person, & if AOP then fourth letter should be "A", Now in case of EFiling the Status if selected as AOP, the IT system rejects as I learnt from the Software people, In this situation What should I do if 'AOP' is applicable ?  

Apply for correction in PAN along with letter and also file letter to respective ward. Mistake in PAN cannot change the type of person as per act.

8) If I try to solve paint No. 7, by file a return under existing PAN at lower rates of IT , and file revise return after obtaining NEW PAN, as there is no correction possible in PAN for 'SATUS' & will be alloted altogether New PAN, whether The Revised return can be correlate with original return in this situation, further more I will have difficulty in Claimining TDS etc.