Income from following house properties is includible in Gross Total Income but a deduction is allowed from the Gross Total Income.
1. Income from any other Property [Section 80P(2)(b)]. In case the gross total income of a co-operative society does not exceed 20,000, any income derived by it from house property and included in its gross total income, the whole of such income is allowed as deduction while computing its total income. Co-operative society in this case should not be a housing society or an urban consumer’s co-operative society or a society carrying a transport business.
2. Letting out of godown by co-operative societies [Section 80P(2)(c)]. If a co-operative society lets out godowns or warehouses for storage, processing or facilitating the marketing of commodities, the whole of its income derived from letting out of houses or storages etc. is deductible in computing its total income.