We are members of a Group Housing Socity. Our Society is having about 300 members. Our Collection of Maintenance charges are about Rs. 400 lacs, and expenses (Administration,Security and other relevant are about Rs.410 lacs. No tax is payable moreover Housing society income is tax free.
We are also making interest Income of about Rs.30 lacs on our Deposits, we are paying income tax on interest income as income from other sources, without any deduction.
Can we claim a prorata of our expenses (administrative Expenses) against income from Interest because administration office has to do work for making Fixed deposit etc. refer (2024) 165 taxman.com 508.
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