Co- operative bank share give back is this taxable
This query is : Resolved
28 July 2016
member of co-operative bank give back his share to bank eg purchase share Rs 100000 give back at Rs 900000 = earn 800000 profit is this taxable
28 July 2016
No Co-operative Bank in India can redeem share at a higher price than its issue price, unlike companies. At the most a co-operative Bank shall distribute dividend from its profit to its individual members which is taxable from the hands of the the recipient. However a co-operative society which is a member of a Co-operative Bank shall claim deduction u/s 80P(2)(d) from such income.
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