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Club membership deposit

Mukund Honkan

If certain club takes deposit repayable after certain no of years & do not charge any fees, what will be direct & indirect tax implications

Club membership deposit not taxable as income; refund carries no direct or indirect tax implications under tax law The adviser concludes that a refundable club membership deposit, repayable after a specified period and not charged as a fee, does not constitute income or revenue; accordingly, repayment of the deposit does not give rise to direct or indirect tax implications. (AI Summary)
Income Tax
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DR.MARIAPPAN GOVINDARAJAN on Dec 1, 2015

There is no effect. Deposit will not be considered as income or revenue. Therefore refund of deposit is having no implication in direct and indirect taxes.

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