Surplus fund - claiming exemption of interest, Income Tax

[HARSHA JOSHI]

can a housing co-op society keep surplus fund in nationalised banks like bank of maharashtra & claim exemption of interest income from BOM. or only interest earned on Fixed Deposits with co-op. banks is exempts?

Posts / Replies

[Rama Krishana]

I think your case may be covered by the decisin of Supreme Court in which apex court held that interest income from fixed deposits is not exempt u/s 10(29) - Visit 2008 -TMI - 5742 - SUPREME Court