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Question ID : 44519

Income Tax Return of Housing Society or Resident Welfare Association

Surplus of Maintenance charges received by Housing Society is exempt on the basis of Principle of Mutuality. Under which head or column will that exempted surplus income be recorded ?

Posted by Gaurav Kumar Baranwal on Jul 28, 2023

Filed Under DIRECT TAXES

Answer ID : 85114

'Fully exempted income' column since income of a mutual concern is not assessable to tax.

Posted by B.CHACKRAPANI WARRIER on Jul 29, 2023