Exemption limit - Meaning of turnover

[Guest]

To determine exemption of Rs8lacs, especiall in case of cooperative housing societies, what component of turnover should be considered? Whether Property Tax, Water Tax to BMC, Interest on arrears, income from ousiders(rent on hoardings, advertisement etc)should also be included? Whether all collections Sinking fund, repair fund etc should be included or only maintenance charges should be included.--Thank you so much.

[Surender Gupta]

It appears from the query that all charges would be includible except property tex for the purpose of calculation of Rs. 8 Lakhs

AI Summary

Turnover definition: include society maintenance and ancillary receipts but exclude municipal property tax for exemption testing. Turnover for the exemption threshold for cooperative housing societies includes maintenance charges, receipts from outsiders (rent from hoardings, advertisements), interest on arrears, sinking fund and repair fund collections, and other operational receipts; payments of property tax to municipal authorities are excluded from the turnover computation.