hello friends.
Can any help me to understand the provision of Sec 80P(2)(c).
Here can Co-operative Housing Society can Claimed Deduction of Rs.50000.
Amrin
(Chartered Accountant)
(215 Points)
Replied 12 December 2013
Hey Raja,
There are diffierent views to deduction u/s 80P(2)(c)..Some say that the society can get deduction with respect to all incomes they earn (int, hp etc!) whereas some say that it can be taken only if a Society has a Business Income!!
But if we go through the law then it states that any Society who deals in "BUSINESS INCOME" can only get deduction of Rs.50000 u/s 80P(2)(c).
My part of clarification to this is that,
The deduction can obviously cannot be taken in respect of Incoem from HP since 30% standard deduction is available there for Societies.. and Income from Other sources already has deduction with respect to Interest earned from Co-Operative Banks..
So any co-operative Housign Society, If earns business income can only get deduction u/s80P(2)(c)
I hope i made myself clear..
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