income of society is taxable in hands of members

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

26 February 2010 My question is that

Is income of the society is taxable under Income Tax act?
If yes
then profit share of such society is also taxable in hand of member of such society?

Please give me your suggestion with legal reasons

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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26 February 2010 Income of society is taxable under income tax as Association of persons (AOP) the income is not taxable in the hands of individual members.

Querist : Anonymous

Querist : Anonymous (Querist)

27 February 2010 I am not satisfied the answer of CA. B.SRINIVASULU because you have not given any legal reason .
please read the section 67A or section 86 of the Income tax act thereafter please replay me .

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