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Interest exempt u/s 80

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(Querist)
09 February 2010 our co-op HSG Society have a saving account in THE MUMBAI DISTRIC CO-OP BANK LTD.
Q.we get nominal interest on the saving balance but on the F.D. we get good accrued interest.
are both the interest exempt.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
09 February 2010 Both interest is taxable under the head Other Sources
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
09 February 2010 Agree, both interst is taxable not exempt.
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john

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john (Querist)
10 February 2010 but sir

Sec.80P(2)(d) says :The whole of interest and dividend income derived by a co-operative society from its investment in any other co-operative society is deductable under section 80P(2)(d).

Taxman 509/230ITR 774 (Punj. & Har.) CITv. Doaba Co-operative sugar mills ltd.(1998)96 :- interest derived by the assessee co-operative sugar mill from its investment in co-operative bank would qualify for deduction in its entirety under section 80P(2)(d), without adjustment of interest paid by the assessee to the co-operative bank.

plz highlight
thank you all
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john

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john (Querist)
10 February 2010 but sir

Sec.80P(2)(d) says :The whole of interest and dividend income derived by a co-operative society from its investment in any other co-operative society is deductable under section 80P(2)(d).

Taxman 509/230ITR 774 (Punj. & Har.) CITv. Doaba Co-operative sugar mills ltd.(1998)96 :- interest derived by the assessee co-operative sugar mill from its investment in co-operative bank would qualify for deduction in its entirety under section 80P(2)(d), without adjustment of interest paid by the assessee to the co-operative bank.

plz highlight
thank you all
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
13 February 2010 Is your having account in co-op soceity register under society or bank register under Banking regulation act
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