Tax liability on interest earned by Apartment Owners Asscn

I think such interest is taxable and set off against expenses made shall be available.

Thank You

Thanks for the reply.

Some  more clarifications please :

This opinion is based on theory or practice ? 

will any basic exemption limit be available and can we invest under Section 80C to avail the benefit of Rs 1 lakh ?

Also can any expense be made to setoff the income or there would be any restricitions on the type and amount of the expenses ?

Also will the depreciation on clubhouse equipments bought by us be aviailable for offsetting ?

hai sir please clarify this question

interest charges are taxable but no deduction is available against it. However, charges collected from members are not taxable. Further, the association can claim exemption u/s 80C and the tax rates are as applicable to an individual.

You can refer SC case law of Bankipur Club