Housing Society –80P 2D

80P(2)(d) deduction for society

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05 March 2022 If society makes deposits in co operative bank then interest income is claimed as deduction us 80P(2)(d); but as per section 80P(2)(d) if deposit made in co operative society then only deduction available. Whether co opearative bank is considered as society for section 80P ???

06 March 2022 Yes… the Hon’ble High Court in the case of Pr. Commissioner of Income Tax and Anr. Vs. Totagars Cooperative Sale Society (2017) 392 ITR 74 (Karn) and Hon’ble High Court of Gujarat in the case of State Bank Of India Vs. CIT (2016) 389 ITR 578 (Guj), had observed, that the interest income earned by a co-operative society on its investments held with a co-operative bank would be eligible for claim of deduction under Sec.80P(2)(d) of the Act.

Read more at: https://www.caclubindia.com/experts/80p-2-d-deduction-for-society-2865774.asp

Read more at: https://www.caclubindia.com/experts/80p-2-d-deduction-for-society-2865774.asp