Ganesh K (Articled Assistant) (153 Points)
02 October 2010Hi all,
I have a doubt regarding claiming deduction under section 80P of Income Tax Act, 1961. Can a co-operative society making investments in a co-operative bank claim deduction of its interest income received from such investments with a co-operative bank? Please provide me with an ample solution. Hope you will also substantiate your answer to the best possible extent.
Thanks in advance & anticipation,
Ganesh.
Priteshkumar N.Rathod
(Chartered Accountants)
(46 Points)
Replied 08 December 2010
Yes, as per provision contained in section 80(P)(2)(d), in respect of any income by way of interest or dividends derived by the co-operative society from its investments with any other co.op.society, the whole of such income is deductible.
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