dear all,
we are living in a flat. the flat is going to be registered also under the act and we are planning to take PAN also. the query is regarding the interest income on fixed deposits with nationalised bank under the association name. by going through the principle of mutuality, is this interest taxable, if so can we provide any forms so that this interest does not get taxed as it is used for the interest of members of the flat only.
pls clarify.
CAclubindia
