Our builder has collected an amount of Rs. 150000 from each members as "Lifetime Maintenance".
Once the societry was formed...we realised that the monthly outgoings were too high to maintain with just the interest of the money collected by the builder. So we started collecting half-yeary amounts from all members.
The builder has deducted the expenses he incurred to run the society and is willing to give us the rest of the amount which is more than 50 Lakhs.
i was informed by someone that if the builder deposits that amount into our society account...we would be taxed for it
Please let us know if this is true and how to avoid this situation.