Apartment association IT Return
Hello Mr Sridhar,
I am a retired senior citizen, living in an apartment in Bangalore.The apartment is registered under society act and has a PAN number also.
The apartment has an indeterminate association with a managing committee of 3 members of which I am one member.
The apartment has interest income from the savings account and FD ( Nationalized Bank) created under mutual contributions from all residents and a mobile tower rent.
The committee members are honorary posts do not receive any payment for being committee members.
I have the following points for which I desire to seek your comments.
1. Can the expenditures for the apartment be deducted from the interest and rental income?.
2. In ITR5, should we show that the three committee members not have any income? Committee Members like me have pension as income. Should the committee members ( 3 Nos) should share the rental& interest Income of the association, if any, in our personal returns.
3. How to file ITR5 or ITR7 for the association as AOP? Whether total income of any member of the AOP exceeds the maximum amount which is not chargeable to tax in the case of that member?
I hope you may have time to reply the mail with your comments.