Bonds - exemption
This query is : Resolved
27 December 2013
Hello all,
Please help me out with my below question.
Lets say, I'm planning to purchase NHAI bond or SBI or RBI bond worth rs10000 on Jan'14 which are tax free bonds. In the given scenario how much can I claim as exemption for the assessment year 2013-2014??
Also kindly shed me a light on the following terms w.r.t investments n bond.
Tax free
Tax saving
Tax exemption
Prompt replies are much appreciated. Thanks heaps for your time.
Thanks and Regards,
Nitesh.N
27 December 2013
Tax free bonds being issued by IIFCL, HUDCO, NTPC, REC, etc. only are exempt for the purpose of taxation. There is no exemption or deduction available from total income for investment in the same.
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03 January 2014
Thanks Aditya sir.
is Sec 80CCF still active ? If I investment in post office saving scheme will i get exemption ?
is Sec 80CCF still active ? If I investment in post office saving scheme will i get exemption ?
03 January 2014
No 80CCF not active as of now.
03 January 2014
Thanks Aditya.
Can you please correct me if I am wrong on the below statement.
If I purchase a bond worth 10000 from IIFCL or HUDCO and receives interest worth 800 pa, then I will get 800 exempted for Tax calculation and 10000 will be exempted from taxable income.
Can you please correct me if I am wrong on the below statement.
If I purchase a bond worth 10000 from IIFCL or HUDCO and receives interest worth 800 pa, then I will get 800 exempted for Tax calculation and 10000 will be exempted from taxable income.
03 January 2014
Interest on tax free bonds of Rs. 800 would not be taxable as the same being exempt. However no other deduction is available from taxable income in respect of investment made in tax free bonds.
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03 January 2014
Clear now and thanks heaps Aditya sir.
Really appreciate your time and patience.
Really appreciate your time and patience.
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