Tax on bank interest of hsg society
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 November 2013
Please let us know if we invest co-op. housing societies fund in other than co-operative banks, is the interest fully taxable? If so what is the rate of tax? Many co-op. banks are not in good financial position. Can we afford to invest around Rs. 15 to 20 lakhs of amount to deposit in co-op. banks as the interest getting there in is non taxable? Can we afford to deposit in nationalise bank which pay low interest and also pay tax on that interst to Government, only for safety as our funds may not be safe in many co-op. banks for various reasons. Please guide us. Also it is a problem of many co-operative housing societies which definitely going to help them to take decision regarding save tax on bank interest as well as safety of their co-op. housing societies fund. Thank you in advance.
13 November 2013
1. Yes it is taxable.
2. It is advisable to put the funds in public sector banks from safety perspective.
2. It is advisable to put the funds in public sector banks from safety perspective.
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