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Taxation of co.op.society

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(Querist)
27 April 2012 sir,
income of co.op.society who is providing loans and receiving deposits from members will be exempt or not?
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dhanwanti kourani

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dhanwanti kourani (Expert)
30 April 2012 The whole of the amounts of the profits attributable to carrying on the business of banking or providing credit facilities to its member will be deductible under section 80P. This is to note that the deduction under section 80P will be available only if it is claimed in the return.
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CA BIREN SHAH

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CA BIREN SHAH (Querist)
30 April 2012 what will happeb if there is loss from this business.?
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
13 May 2012 The principal and Law of mutuality is applicable if loan is provided only to the members then there is no income and in case of loss no loss can be claimed
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