80p

This query is : Resolved

Nikul Vasani (Querist)
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13 January 2015 Can Assessee claim deduction u/s 80P(2)(c) with out business income(i.e. asseessee having income only of interest form co-operative soc.and other income)

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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13 January 2015 Only for co-operative societies 80P deduction is available.

Nikul Vasani

Nikul Vasani (Querist)
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13 January 2015 A Housing Co-operative soc Ltd having only interest income from Bank FD as mentioned below

SBI 50000
BOI 48000
District Co-operative Soc. Bank Ltd 80000

can assessee eligible for deduction u/s 80P(2)(d). if yes please tell me whether Deduction is eligible for RS. 178000 or only on RS. 80000

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 January 2015 Only Rs 80000 eligible.

S. 80P of the Income-tax Act, 1961 provides for deduction of profits and gains of business attributable to certain types of activities carried on by co-operative societies. Ss.(2)(d) of S. 80P provides for deduction of the whole of the income by way of interest or dividends derived by a co-operative society from its investments with any other co-operative society.