Exclusive HOLI Discounts!
Get Courses and Combos at Upto 50% OFF!
Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

A L ANTONY (AGM (RETD))     31 October 2018

Housing society bye laws

Our society balance sheet shows excess colletction of property tax to the extent of Rs.14.00 lakhs during the FY ended 31.3.2018. The society still continue to collect the property tax for the current FY. Kindly advise whether - the society is liable for refund of the excess amount collected with interest or stop deductions towards property tax from members . what steps i should take to get the amount back.


Learning

 3 Replies

Dr J C Vashista (Advocate)     01 November 2018

Property tax is levied on the property, collected by MC of Soceity as a welfare measure to its members  which is to be deposited with municipality on behalf of individual member.

However, it (property tax) should/ can not form part of balance sheet, recheck and clarify.

1 Like

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     01 November 2018

As per the accounting norms whatever the balance is remained in the concern tax fund in balance sheet it can brough forward to the next financial year. 

Kishor Mehta (CEO)     01 November 2018

The Society either has to refund the excess property-tax collected or allow the members their respective credits, of the excess property-tax collected from them, in their next maintenance bills, this has to be done with mutual understanding.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register