11 August 2013
I have received amount of Rs. 90,000/- from SBI employees credit co-op society towards amount of share holding (Rs.15000) and monthly contribution of Rs. 200/- pm under MRBF scheme due to closure of my membership started on 1992. Is it this amount add under taxable income or net amount of earnings received after deducting monthly contributions. Please advise.
11 August 2013
You can deduct the amount contributed monthly from the total amount received from the fund as you have paid the sum out of taxable income. . On cost of shares you can apply indexation. .
CAclubindia
