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Tax implications of a housing society
I live in a housing society, where i pay monthly maintenance.what are the tax implications of such housing society?
Replies (2)
Monthly maintenance will be included in receipt side of P&L and any expenditure incurred will be deducted and any surplus if left will be liable to tax at first 10,000- 10%, 10001 to 20000-20% , above 20000- 30%.
What is the status of such society aop or cooperative society?
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