Ours is a flat owners association not a co operative society. Lifetime maintenance is collected which is deposited in sbi & bandhan bank. Will Interest received on this deposit is taxable? Monthly Maintenance is also collected to bear the maintenance exp of the society. Some surplus remains at the year end. Will this surplus taxable? What will be the rate of tax applicable. Plz reply. Thanks in advance
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Flat owners association taxability
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Will Interest received on this deposit is taxable? YES Monthly Maintenance is also collected to bear the maintenance exp of the society. Some surplus remains at the year end. Will this surplus taxable? YES What will be the rate of tax applicable. @ 30% |
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