Tiruchirappalli Housing Co-Ops

The finance ministry should amend Section 80L of the IT Act 1961 to provide that the income from interest on deposit etc. with housing co-ops are exempt not u/s 80L but u/s 10. If this suggestion is accepted, the entire income arising to the investor on interest received from housing co-ops etc. would be completely exempt from IT. The exemption u/s 10 can be on the lines of exemption presently available u/s 10 in respect of interest on post office deposits. Similarly, if this suggestion is implemented, the interest rates can be cut down by group housing societies which would mean a check on inflation. Savings would also be boosted, if the suggestion is implemented.