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80P(2)(d) interest from investment in other chs

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prashant desai

165 Points Posted on 09 January 2021

80P(2)(d) interest from investment in other co-operative society

is housing society in come under this section

1. if I suppose to show income, how can I show
2. how much amount eligible for deduction

plz suggest

Replies (2)

Quick Summary

This discussion clarifies Section 80P(2)(d) of the Income Tax Act, which allows co-operative societies to claim a 100% deduction on interest and dividends earned from investments in other co-operative societies. To be eligible for this deduction, the housing society must file its tax return by the due date. The content also touches upon how to declare this income and the specific amounts eligible for deduction.

CA. Sourav Sarkar

Chartered Accountant

16188 Points Posted on 09 January 2021

100% of the profits, included in Gross Total Income are deductible in respect of any income by way of interest or dividends derived by the co-operative society from its investments with any other co-operative society u/s 80P(2)(d)

Kapadia Pravin

10683 Points Posted on 09 January 2021

Income from other co-operative society co-operative bank is exempt under 80P(2)(d) provided Return is filed on or before due date.

if return is not filed on or before due date then no benefit under 80P