section 80P of IT Act

The entire business of coop.housing society is subjected to audit,and there is no separate profit and loss account for construction activities alone.Income tax is assessed on the basis of the total profit in accordance with the IT act.Theconstruction activity is one among the objects of the society.In most cases the construction for the members is done  on behalf of the mebers after charging the respective loan account.Therefore the construction is presumed to be undertaken by the members,amd therefore the benefit of deduction will go in favour of the memberalone,and the respective member is benefite.The question of deduction for the society,therefore does not arise.

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