16 November 2008
if a co-operative society (which provides credit failities to members) deposit its funds with another nationalised bank & receive interest on it, can the society claim deduction u/s 80P in respect of this interest
17 November 2008
As per section 80P(d) only interest and dividend received from investement in other co-opertaive societies are exempt. So interest and dividend received from nationalised bank are not eligible for exemption u/s 80P.
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