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suraj kumar

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80g 12a exemption

started by suraj kumar on 02 Aug 13
  • suraj kumar
    The share of a member in the income or loss of the association or body, as computed under tax exemption under 80g shall, for the purposes of assessment, be apportioned under the various heads of income in the same manner in which the income or loss of the association or body has been determined under each head of income.
    Any interest paid by a member on capital borrowed by him for the purposes of investment in the association or body shall, in computing his share chargeable under the head "Profits and gains of business or profession" in respect of his share in the income of the association or body, be deducted from his share.

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