Every housing society has a fixed amount that is paid per month towards maintenance charges. This is governed by the size of the flat and often calculated as per sq. Feet. There are various by-laws associated to the maintenance charges for housing society. Let’s take a look at the various factors of fees for housing society
While residing in apartment there are various fees that we must pay. Sinking fund is one such part of our monthly maintenance fees, that we pay. For housing societies big or small it is a crucial investment. Read to know more about sinking fund.
As per the Income Tax Act of 1961, co-operative societies are liable to pay taxes. However not every income of the society can be termed as a taxable income. Let’s look at the expenses that are eligible for tax payment
For committee members of apartments, it is difficult to evaluate the maintenance costs to be paid by members. It is difficult to identify the correct amount payable that is agreeable to all.
In housing societies, the maintenance and management of common areas are done by a group of residents known as Committee members. The members are also responsible to maintain the housekeeping staff, security staff, maintenance staff, and others. For maintenance and other activities, maintenance charges are collected from the residents.
Recently the Department of Revenue has brought more clarity into the GST Calculation of Resident Welfare Associations (RWA). Here is are some major points that will you understand its impact on your society.