Hello Sirs/ Madams
Our mini residential complex has 25 flats in Kolkata. We are unable to get ourselves registered under the Housing Societies Act due to an issue with the builder/ developer.
However we are interested to have a Bank Ac for managing our funds( maintenance/ sinking) for which we have applied for registration as an Association under the Societies Act. Our Association will be a non profit one with some charitable objectives.
Now , my querry is:
1. What will be our Tax liability considering that we are non profit organisation and will be collecting only maintenance / sinking fund for running the complex. Our annual collection is around 6,50,000/ rs.
2. How do we manage to keep our tax liability minimum .
3. Do we get any kind of IT exemption?
4. Is it necessary to get registration u/s 12 Charitable for getting IT exemtions?
5. Is there any other way?