Sinking Fund Calculation For Housing Society

Mostly builders calculate corpus fund on sq feet basis and the amount can be well over Rs 1 lakh. Do the calculation of the amount of the sinking fund if the annualized rate of interest is 6 and the debt will be repaid in 5 years.

Is Contribution Towards Sinking Fund For The Cooperative Housing Society Liable To Gst Financepost

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Sinking fund calculation for housing society. Housing Society Billing Accounting. It states some 075 per annum and 025 of construction cost but how it is calculated. Let us take the same scenario as above the only would be 25 then the formula will be for sinking fund as following Construction Cost x 25 x Flat Area 12 Member Monthly Sinking Fund.

Accounting Services for Housing Societies in India Mumbai Thane Navi Mumbai and all over Maharashtra. Calculation of Sinking Fund Contribution. It is mandatory and highly recommended that a housing society create a Sinking Fund which it can do by collecting financial contributions at a fixed rate from each of its members on a monthly basis and then accumulating it over the years so that a substantial amount is generated.

But these come into effect once the society is formed. The fund will be required to retire a newly taken debt zero-coupon bonds raised for the ongoing expansion project. Our society is new building developed in 2011 in.

2 Such heavy repair which is being certified by societys Architect should be approved in General Body Meeting. A provision has been made in the byelaws enabling a co-operative housing society to collect contributions towards a sinking fund from members at a fixed rate per month. Its calculation by using Microsoft Excel can be done in 10 seconds.

Sinking Fund calculation is done by using annuity method which takes a little long time. Housing Society Maintenance Format In Excel Sinking Fund Calculation And Utilization MysocietyclubIt is necessary to keep a record of the routine expenses made by the society heads to maintain cleanliness and smooth running of services. Every Co-operative society in particular a housing Society should invariably create sinking fund by setting a part of the income on monthly basis.

Sinking fund calculation for housing society. Use the following data for the calculation of the Sinking Fund. Contact us for Housing Society Accounting Services.

1 Sinking Fund may be used by the society for the reconstruction of its building or carrying out strucatural additions or alteration to strenthen the building as per the opinion of the societys Architect. This is necessary for incurring expenditure required for undertaking major repair or reconstruction of the ageing building. In accordance with Bye Law No.

2125 per annul for a flat with a covered area of 850 sq ftFor monthly 212512 177 would be monthly Sinking Fund. Are you looking for Accounting Services for Housing Societies in India. I am from Mumbai Maharashtra would like to know with example how repair and sinking fund is calculated per month.

Sinking fund Repairs and maintenance fund When a housing society is expected to charge for Sinking fund Repairs and maintenance fund 025 and 075 per annum of construction cost of the flat does this mean construction cost when the bui. 67 b i of. 13 C the General Body can decide the Sinking Fund contribution subject to the minimum of 025 per annum of the construction cost of each flat incurred during the construction of the building of the Society and certified by the Architect excluding the proportionate cost of the land.

3 There isRead more. 1000sq ft the Sinking Fund would come to Rs. Sinking fund calculation is same as Major Repair Fund only difference is here we will take minimum 025 of the construction cost of the flat per annulFor example the construction cost is Rs.

Housing Society Accounting Work. In the context of Co-operative Housing Societies CHS A Sinking Fund consists of contribution from all Members at the rate fixed at the General Body Meeting from time to time subject to the minimum of of 025 percent per annum of the construction cost of each flat. The rate fixed under the bye-laws is 12 per cent per annum of the cost of construction of a flat payable in equal monthly instalments as provided under bye-law No.

Once the housing society is duly formed the Corpus Fund amount can also be transferred to the Sinking Fund which is used for major repairs reconstruction structural addition or redevelopment.

Sinking Fund Calculation And Utilization Mysocietyclub

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