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Interest on FD

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(Querist)
21 May 2016 is interest on F.D. in nationalized Banks by apartment owners association is chargable income ?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
21 May 2016 FD interest is taxable.
Inference - Bangalore Club Vs. CIT [2013] 5 SCC 509.
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
22 May 2016 Yes, FD interest is taxable income. If you want to avoid give 15G if it is registered other than Company to avoid TDS
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Soumitra Basu

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Soumitra Basu (Expert)
25 May 2016 It may not be chargeable to tax if the question of mutuallity can be proved.
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Manoj Kumar

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Manoj Kumar (Querist)
25 May 2016 mutuality means? pls explain

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