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Income earned by a housing cooperative society from interest on fixed deposits and rental income is eligible for set-off against maintenance expenses. The interest income is directly linked to the activity of maintaining the residential premises, reducing the maintenance contribution burden on members. The society rightly set off the interest income against its income. The addition made by the authorities on this ground is liable to be deleted. Furthermore, as the society has shown a net surplus after netting out maintenance expenses, it is eligible for deduction u/s 80P(2)(c)(ii) of the Act, which the assessing officer is directed to allow. The grounds raised by the assessee regarding set-off of interest and rental income against maintenance expenses and granting of standard deduction are allowed in favor of the assessee.
Income earned by a housing cooperative society from interest on fixed deposits and rental income is eligible for set-off against maintenance expenses. The interest income is directly linked to the activity of maintaining the residential premises, reducing the maintenance contribution burden on members. The society rightly set off the interest income against its income. The addition made by the authorities on this ground is liable to be deleted. Furthermore, as the society has shown a net surplus after netting out maintenance expenses, it is eligible for deduction u/s 80P(2)(c)(ii) of the Act, which the assessing officer is directed to allow. The grounds raised by the assessee regarding set-off of interest and rental income against maintenance expenses and granting of standard deduction are allowed in favor of the assessee.
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