Our coop society has just obtained a Bank Guarantee of Rs 10 cr. against a default by a builder in redevelopment process. Will that be treated as Income ? If it is then upto what extent the tax liability is ?
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Income tax on Bank guarantee .
Replies (2)
It will not be treated as income in view of mutuality concept application to Co-operative society.
Thanks Pravin ji for reply and guidance . But as it is receipt from developer some members think that the IT dept . will treat it as income.
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