banner_ad

Income tax of co op society

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
09 February 2013 A housing co op society earns interest income from Scheduled bank which are offered for income tax

Also the society has created sinking fund for repairs of water tank

The said fund is temporarily invested in scheduled bank on which interest of Rs 5 Lakhs is received which is transferred to Sinking Fund account

Expenses incurred on water tank comes to rs 7 LAkhs

Now what will be the tax liability of the society

a) on Interest income of Rs 5 LAkhs

B) or on the income net of expenss i.e. -2 LAkhs i.e. NIL
Profile Image

CA. RAGHAV GARG

Profile Image

CA. RAGHAV GARG (Expert)
10 February 2013 as far as I can understand,

Interest on Fund received is taxble and will be included in the income of society

however, expenses of rs. 7 lakh for the same year will be allowed as deduction and the loss return is required to be filed.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details