Neeta Agarwal (CA) (65 Points)
17 August 2009Can anyone pls tell me if interset on fixed deposit by an apartment society out of it's corpus from members taxable?It's urgent. Ref. Sec44A
Chaitanya G Kukalyekar
(PCC Article Waiting for results)
(117 Points)
Replied 17 August 2009
Yes, It is taxable... Although the surplus earned by a society isn't taxable, i guess, the interest on fixed deposit is taxable under Income from other Sources...
CAclubindia
