Service tax on apartment owners association
srinath
(Querist) 14 October 2013
This query is : Resolved
hello sir
I am a member of the management committee of an apartment owners association. We have 80 flats & our monthly collection is expected to be around 1.6 lakhs. Now I need to understand what is the tax implication on the monthly collection as it crosses 10 lakhs P.A and also what is the service tax liability as we have to enter into AMC with several contractors for maintenance of equipments/housekeeping/etc.
thanks
srinath
Thyagarajan
(Expert) 15 October 2013
Your Association will be having its own Auditor for checking the expenses and income(by way of maintenance charges).Along with him your bankers will help you to avoid your income taxed.
We had similar problem and got it solved on advise.
