Dairy cooperative society

This query is : Resolved

CA.Akhilesh kumar (Querist)
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29 February 2008 Dear sir
Good after noon,
sir pls resolve my following query
1) The profit earned by cooperatives wether taxable or not, if deduction u/s 80P applied then at what condition which is applied for milk and milk product.

2)How we distribut these profit among their promoters and members.whether that profit is capital recepit in the hand of promoters/members or taxable in the hand of promoters /members.or exempted by any other way

3)Wether promoters are eligible to donate their land /other assets to cooperative society

4) what kind of consequances if promoters give land /other assets on lease to cooperative society.

5)whether the family members are become the member of society

I would be thankful to u
thanking you sir

With regards
Akhilesh Kumar
akhilesh_nigam@yahoo.co.uk

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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03 March 2008 1) Secion 80P(2)(b)(i)
2)Dividend
3)Yes, why not? if the bye laws of the society permits.
4)The lease rent is taxable in the hands of promoters.
5)Depends upon the byelaw.

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