If co.op hsg society earns rental income by letting out space for mobile tower, under which head it is to be taxed?
Whether deduction u/s 80P is available for such rent income (after ttaking ded u/s 24 @ 30%) & interest on savings a/c?
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Taxation of Co.Op Societies
Replies (1)
Letting of space for mobile tower is chargeable under the head Income from House Property.
U/s 80P(2)(c) if a co-operative society is engaged in any other activity then Rs. 50,000/- is allowable as deduction.
The deduction is to be claimed after computing Income from House Property which means after having deduction u/s 24.
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