Whether interest income derived by a co-operative housing society from its investment in a co-operative bank, TAXABLE?
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 28 December 2010
Interest income/ Dividend income
Entire amount of such income
Such income is received from investment in any other co-operative society.
Exempted u/s 80P
Madhusudan Kabra
(knowledge seeker)
(1779 Points)
Replied 28 December 2010
income by way of dividend and interest from investment in other co-oprative society is fully deductible...
as far as my knowledge is concern there is a notification issued by IT department in this regards...... i have to check
Regards
Madhusudan Kabra
CAclubindia
