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Discussion > Income Tax >

Taxability of Share of Income of Member of AOP claiming 80IB(10)

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Tax Consultant


[ Scorecard : 23]
Posted On 13 November 2007 at 21:34 Report Abuse

we had claim deduction under section 80IB(10) in association of Persons and uptill now we where showing share income of AOP in the hands of member as exmpt. now assesing officer is taking a stand that as AOP is claiming deduction u/s. 80IB(10) the share income in the hands of memeber is taxable in the hand of member, u/s. 80A(3) stating that no deduction under same can be claimed in the hands of member od AOP.
 
my question is weather share of AOp is taxabele in the hands of member
 
please guid
 
we had claim deduction under section 80IB(10) in association of Persons and uptill now we where showing share income of AOP in the hands of member as exmpt. now assesing officer is taking a stand that as AOP is claiming deduction u/s. 80IB(10) the share income in the hands of memeber is taxable in the hand of member, u/s. 80A(3) stating that no deduction under same can be claimed in the hands of member od AOP.
 
my question is weather share of AOp is taxabele in the hands of member
 
please guid
 

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Late CA Sampat Jain
Chartered Accountant


[ Scorecard : 4717]
Posted On 14 November 2007 at 08:50

Section 80(A)(3) states as under: [(3) Where, in computing the total income of an association of persons or a body of individuals, any deduction is admissible under section 80G or section 80GGA 89[or section 80GGC] or section 80HH or section 80HHA or section 80HHB or section 80HHC or section 80HHD or section 80-I or section 80-IA [or section 80-IB] 90a[or section 80-IC] [or section 80-ID or section 80-IE] or section 80J91 or section 80JJ, ========================================================== no deduction under the same section shall be made in computing the total income of a member of the association of persons or body of individuals ========================================================== in relation to the share of such member in the income of the association of persons or body of individuals THE SECTION SAYS THAT DEDUCTION UNDER THE SAME SECTION WILL NOT BE ALLOWED...........SHARE OF PROFIT FROM AOP IS EXEMPTED U/S 10 AND NOT CLAIMED AS DEDUCTION U/S SAME SECTION THAT IS 80IB , THEREFORE LOGIC OF AO IS NOT CORRECT




Rahul R. Thakker
Chartered Accountants


[ Scorecard : 28]
Posted On 01 April 2009 at 18:55

 Hi,

Can u tell me under which section is SHARE OF PROFIT FROM AOP IS EXEMPTED




GPK - Dubai
Practicing Chartered Accountant


[ Scorecard : 1304]
Posted On 01 April 2009 at 20:31

Dear Rahul

Refer section 86 along with section 67A of I T Act

Dear Mr. Shrinivas Sir,

I think the share of profit shall be expemt in the hands of member only when the tax is deducted @ MMR or such higher rate.

please comment.



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