Cooperative Housing Society

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 January 2011 If Cooperative Housing Society invest it's fund in Fixed Deposit of Cooperative Bank; will the interest earned on it will be exempted from Income Tax? if yes please give me the section number in detail.

Guest

Guest (Expert)

30 January 2011 Deduction will be available u/s 80P

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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30 January 2011 Section No in Detail -

80P(2)(d)

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Guest

Guest (Expert)

30 January 2011 Yes, agree with Mr. Bafna

Querist : Anonymous

Querist : Anonymous (Querist)

31 January 2011 Sec 80P(4): The provisions of this section shall not apply in relation to any co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank.(83 means: w.e.f. Inserted by the Finance Act, 2006, w.e.f. 1-4-2007. Earlier sub-section (4) was omitted by the Finance Act, 1969, w.e.f. 1-4-1970.

Please Clarify the above

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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31 January 2011 It means Co-Operative Banks will not get deduction under this section.
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It also means that for primary agricultural credit society or a primary co-operative agricultural and rural development bank this section can be applied.

Guest

Guest (Expert)

01 February 2011 Agree with Mr. Bafna