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Exempted Incomes from Co-Operative Society

 

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.
 
 

More Topics... @ 'House Property'

Definition & Meaning of the Head ‘ Income from House Property’
 Deemed Owner of House Property
Exempted Incomes From House Property [Section-10]
 Exempted Incomes from Cooperative Society
Annual Value as Calculation of Income from House Property
Determination Of Annual Value Of    House Property
Selection of Annual Rental Value (Gross Annual Value) for Let Out House Property
Deductibility of Taxes Levied by Local Authority (i.e. Municipal taxes) while computing Annual Value of House Property Income [Proviso to Section 23(1)]
Selection of Annual Rental Value for Self-Occupied House Property
DEDUCTIONS U/S - 24 Out of Net Annual Value (NAV) of House Property Income
Treatment of Pre-acquisition/Pre-construction period Interest
Treatment of Unrealised Rent of House Property Income

 
 
 
 
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