04 December 2012
The co op society has made the investment in district co op bank out of its reserve fund .Creation of reserve fund is compulsory by statute.Interest earned out of above investment is treated as income from other sources by the society. Whether the society can claim the deduction U/S 80P for the interest income?
04 December 2012
Interest received by co-op. society from different investments made with Co-op. Bank, though treated as income under head other sources qualifies for deduction u/s. 80(P)(2)(d). Sect. specifically says that, "In respect of any income by way of interest...
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