Accrued interest on nsc
This query is : Resolved
29 April 2013
Sir,
I purchased NSC for Rs.1,00,000/- in May 2007.
I did not know that I can take accrued interest for tax exemption all these years and have not claimed all these years.
My question is:
Can I claim rebate in fy 2012-13 for the last 6 years?
I purchased NSC for Rs.1,00,000/- in May 2007.
I did not know that I can take accrued interest for tax exemption all these years and have not claimed all these years.
My question is:
Can I claim rebate in fy 2012-13 for the last 6 years?
Guest
Guest
(Expert)
29 April 2013
you can but you have to take interest earned on all that 6 years in same year in which your taking benefit of 80C
29 April 2013
For the financial year 2012-13, deduction under section 80C can be claimed for the accrued interest of f.y 2012-13 only.
29 April 2013
thank you.
but, i think 6th year's interest cannot be taken as it will not be re-invested correct?
but, i think 6th year's interest cannot be taken as it will not be re-invested correct?
29 April 2013
Also, should all the interest which i have not taken as accrued in the previous years be added to the taxable income this year or not required?
29 April 2013
Last years interest is not eligible for 80C deduction.
If interest is not offered as income in each year, entire interest has to be offered as income in the year of maturity.
If interest is not offered as income in each year, entire interest has to be offered as income in the year of maturity.
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