What is the status of Coop. Group Housing society regarding income from interest on FDR with Bank.
3 Replies
CA Hemant T Dewani
(Chartered Accountant)
(3356 Points)
Replied 28 January 2009
co op housing societies are exempt from tax because mutual understanding & they are invested surplus fund in to banks & get interest
CA. Ashok shah
(CHARTERED ACCOUNTANT)
(333 Points)
Replied 28 January 2009
The whole of interest and dividend income derived by a Co Op Society from its investment in any other Co Operative Society is deductible u/s.80P (2) (d). Thus, if interest is received on investment made in Co Operative bank, it is fully deductible u/s.80P (2) (d). Otherwise, other interest income is deductible u/s.80P (2) (c) (ii) upto Rs.50000/-.
CA CS VINAYAK PATIL
(CHARTERED ACCOUNTANT)
(921 Points)
Replied 21 February 2009
| Originally posted by :VIkas | ||
| " | What is the status of Coop. Group Housing society regarding income from interest on FDR with Bank. | " |
It is taxable because the main aim of society is not lend the loan and accept deposit.
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