Income exemption
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 February 2012
whether surplus received from chit fund is an exempt or taxable income under income tax Act.
14 February 2012
Inference is that in the case of an investor, the surplus should not be taxable, while in the case of a person in business, where the sole object is to borrow money or to make profit by joining the chit, the surplus should be taxable and the loss should be allowable as a deduction.
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