Interest taxability

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2017 Sir,
An assess he is a salaried person, purchased 54EC bond on 31.03.2014 worth Rs. 250,000 and its matured on 31.03.2017 worth Rs 295,000.00 . I want to know the amount (295,000.00-250,000.00)= 45,000.00 i.e interest amount taxable or not? and which ITR have to file ? please help me about this matter.

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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27 July 2017 54EC bond i.e NHAI or RECL bonds are not tax free. Therefore the interest is fully taxable under income from other sources. Any itr that an assessee files will suffice. Also note that Rs.45000 is for 3 years . The interest accrued in each of the year should have been reported during each of the previous itr.