TAX exemption FOR amount taken from chit funds

2071 views
User Avatar

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

0 Reply Share Follow Topic
On 27 May 2024 at 10:38 Report
Replies (1)
User Avatar

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.
Reply
On 29 May 2024 at 10:35

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Report in GSTR 1 ( Credit Note ) for Wrong GST Rat
  2. Reply of summons issued under section 70 of the cg
  3. How to Bulk GSTIN Number Verify and Validation
  4. OPC Annual Filing Defaults – Need Guidance t
  5. OPC Annual Filing Defaults – Need Guidance t
  6. FCGPR of a past period
  7. Discuss and Download CA Final Question Paper Nov 2
  8. Does Parag gupta's booster batch good for CA Inter
  9. Police Bandobost and GST Invoice
  10. Understanding where manual effort goes in audit wo

More recent discussions | Post

Related Topics :

Loading

Latest Job Openings

View all
Company
Featured 27 October 2026
semi-qualified CA

Saini Pati Shah & Co LLP, Chartered Accountants

Mumbai

CA Final

View Details
Company
28 October 2026
Assistant Director/ Associate Director-Finance & Accounting

Krea University

Chennai

CA

View Details
Company
ARTICLESHIP 22 October 2026
Articleship intern

Srinath Manikanta

Hyderabad

CA Inter

View Details
Company
ARTICLESHIP 23 October 2026
CA Articleship / Article Assistant

M N Rao & Associates LLP

Vijayawada

CA Inter

View Details
Company
Featured ARTICLESHIP 31 October 2026
CA Articleship

apricus india

Navi Mumbai

CA Inter

View Details
Company
12 October 2026
AUDIT , ACCOUNTS AND TAXATION

KDSS

New Delhi

B.Com

View Details
Company
08 October 2026
SALES TELECALLER

HIRE NOVA

Lucknow

Graduate (Any)

View Details
Company
19 October 2026
Accountants/Articles (Freshers/Experienced)

ADY & CO.

New Delhi

Graduate (Any)

View Details