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Taxability of dividend received from a co-operative society.
If one individual assessee receives dividend from a co-operative society, is the dividend income exempt in the hands of assessee?
Replies (7)
Its exempted in the hands of the assesse
Under which section?
It is exempted under section 80p of income tax act
80P is for Co-operative Society not for an individual assessee.
Yeah okay. it is taxable in the hands of individual assessee if the amount exceeds 100000. Irrespective of whether the amount is received from any entity..
Well, It's taxable as Income from Other Source u/s 56(2)(i), I think.
But definitely remember the limit of 100000. within that limit it's not taxable I suppose so as per the relevant provisions of dividend chapter
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