ITR for Co-Operative Housing Society (AOP)

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This discussion addresses the Income Tax Return (ITR) filing for Co-Operative Housing Societies registered as an Association of Persons (AOP). It clarifies that member contributions generally don't need to be shown in the ITR. The focus is on taxable interest income and the ineligibility of housing societies to claim deductions under Section 80P, as this section primarily applies to specific types of agricultural credit societies.

Kamal Jaykumar Parekh

Kamal Jaykumar Parekh (Querist)
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09 October 2023 Housing society having PAN as AOP. While filling the ITR,

1. How to show members contribution? (in which head)

2. How to claim exemption of members contribution under concept of mutuality? (under which section or head?)

3. Interest income shown under income from other sources but not able to claim deduction under section 80P. How to claim deduction?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 October 2023 No need to show members contribution in ITR.
Only interest income is taxable show it in ITR .
Section 80P provides a tax deduction towards the cooperative societies that come inside the given agricultural activities. The Section 80P deduction comprises the available only to the main agricultural credit society or primary cooperative agricultural and rural development bank.

Kamal Jaykumar Parekh

Kamal Jaykumar Parekh (Querist)
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11 October 2023 Can Co-Operative Housing Society (PAN as AOP) claim deduction under section 80P(d) for interest on Deposit from Schedule Bank?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 October 2023 No.
Section 80P provides a tax deduction towards the cooperative societies that come inside the given agricultural activities.

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