Capital Gains on Redemption of Bonds
This query is : Resolved
25 February 2009
Hi,
The Bonds which are covered u/s sec. 80 C of the I.T.Act - (For eg. IDBI Infrastructure Bonds)- when at maturity we get principle amount of such investments whethere such principle amount is treated as Capital Assets and taxble as cpaital gains or not under the head Capital Gain.
interest which we are getting regularly are taxable as other income.
bhakti
bhakti
The Bonds which are covered u/s sec. 80 C of the I.T.Act - (For eg. IDBI Infrastructure Bonds)- when at maturity we get principle amount of such investments whethere such principle amount is treated as Capital Assets and taxble as cpaital gains or not under the head Capital Gain.
interest which we are getting regularly are taxable as other income.
bhakti
bhakti
25 February 2009
Bhakti,
Please note when you invested such amount it was outoff taxable income. You have taxed interest on respective years. so need to taxed the principal amount. Its not taxable for that you need to prove that the amount invested is out of your taxable income.
Please note when you invested such amount it was outoff taxable income. You have taxed interest on respective years. so need to taxed the principal amount. Its not taxable for that you need to prove that the amount invested is out of your taxable income.
26 February 2009
My concept reagarding redemption of principal amount of such bond is covered under capital gain or not is still not cleared. So please help me to clear concept whether such bonds will be treated as capital asset or not under the I.Tax Act. For eg Units of MF are treated as capital assets under the I.Tax Act.
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