TAX exemption FOR amount taken from chit funds

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126 Points Posted on 27 May 2024

SIR

my friend has joined a chit fund 1 year back now she is taking the chit rs 20,00,000 to close her housing loan. they are deducting tds for the same from chit funds. can we claim refund for the tds deducted by the chit funds. what is the taxability regarding this. this is actually a 5 yrs chit scheme. now it is only the second yr running.thank you

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On 27 May 2024 at 10:38 Report
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460 Points Posted on 29 May 2024
Income received from chit funds are not exempt but is taxable under the head income from other sources. First you show the income and then claim the TDS on such income. In case of loss from chit funds, the same can be claimed as a business loss.
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On 29 May 2024 at 10:35

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