Dividend from chit fund company
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 May 2014
One of my client had invested in a chit fund company divided received from chit fund company. Is it taxable or Not.
Please guide me in this regard.
Regards
CHARAN
Please guide me in this regard.
Regards
CHARAN
14 May 2014
Andhra Pradesh High Court in the case of CIT Vs. Kovur Textile 136 ITR 61 has held that chit fund bid loss is a business loss and chit dividend is an income. Hope your problem is solved
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