A CO-OPERATIVE HOUSING SOCIETY IS FORMED UNDER MULTI STATE COOPERATIVE SOCIETIES ACT 2002 (39) OF 2002. CENTAL REGISTRAR OF COOPERATIVE SOCIETY NEW DELHI. THEY ARE DEALING IN PLOT PROMOTION DEVELOPING OF PLOTS ETC AND SELLING TO MEMBERS. WHETHER THE INCOME EARNED IS SUBJECT TO INCOME TAX. IF IT IS TAXABLE THEN AT WHAT RATES.
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INCOME TAX FOR MULTILEVEL COPERATIVE SOCIETIES
Replies (2)
Mr.Jai
Please refer section 80P of income-tax act, 1961.
Best Wishes
Sathikonda
SIR THANKS FOR YOUR REPLY. SECTION 80P TELLS ABOUT MULTILEVEL CO OPERATIVE SOCIETIES FOR AGRICULTURE PROCESS. BUT MY DOUBT IS FOR A SOCIETY THAT DEALING IN PLOT PROMOTION DEVELOPING OF PLOTS ETC AND SELLING TO MEMBERS THE INCOME IS TAXABLE OR NOT.
PLEASE CLARIFY THE SAME
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