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Co-operative Housing Society Tax

This query is : Resolved 
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(Querist)
22 September 2022 XYZ Co-op Housing Society

Income:
Collection from Members = 20,00,000
Bank Interest on FD from Co-op Bank = 5,00,000
Misc Income = 1,00,000
Total = 26,00,000

Expenses:
Repairs & Maintenance of Society = 28,50,000

Deficit = 2,50,000

While filing Income Tax Return:
A)
PGBP = 20,00,000-28,50,000 = -8,50,000
IFOS = 5,00,000 + 1,00,000 = 6,00,000
GTI = Nil
Carry forward of loss = 2,50,000

B)
PGBP = -8,50,000
Less : Exempt Loss = 8,50,000 (Concept of Mutuality)
Net PGBP = Nil

IFOS = 5,00,000 + 1,00,000 = 6,00,000

Gross Total Income = 6,00,000
Dedn U/C VIA (80P) = 5,00,000
Total Income = 1,00,000

Which computation is correct A or B ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
22 September 2022 Computation B is right.
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