Taxability of house building cooperative societies

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This query is : Resolved

A. Gupta (Querist)

14 February 2008 Dear friends,

There is a cooperative house building society which neither has its PAN nor it has been ever filed its income tax return. Now it has received a notice from Income tax department to produce its balance sheet and copy of income tax returns for the last three years.

I need your assistance in regard to the taxability of its income. The society does not have any income except for annual membership or other collection from members. Some times there may be some income in regard to receipts from small hawkers to sell their items in the society or any amount received as compensation for any loss or damage to the property of the society.

I go through Section 80P but I think that section does not applies to house building societies.

Please give your views and tell me whether any exemption or deduction is available or not.

Thanks.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)

18 February 2008 A co-operative society which is not engaged in activities other than those specified in 80P(2)(a) or (b) will come under residuary clause 80P(2)(c)(ii).

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)

07 March 2008 What is the net income of ur society?

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