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Interest On N S C

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(Querist)
27 March 2010 What should be the treatment of Interest On N S C.
plz tell me I am very confused.
When deduction u/s 80C is available on this Interest.

Thanks in advance
Shammi
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CA Gangadhar Mishra

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CA Gangadhar Mishra (Expert)
27 March 2010 int on NSC is taxable under income from other sources on accrual basis & since it is accrued & reinvested it is deductible U/S 80 C.
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Rahul Gupta

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Rahul Gupta (Expert)
27 March 2010 Agreed with Expert Gangadhar. Interest on NSC is included in the other income and also can be claimed as Dedcution u/s 80C within the limit of Rs 1 lakh.
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
27 March 2010 agree with expert
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
27 March 2010 It is income from other sources and same can be claimed under 80C

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