10 December 2013
PLEASE ANSWER MY FOLLOWING QUERIES 1.IS PPF MATURITY VALUE EXEMPT OR NOT 2.IS NSC MATURITY VALUE EXEMPT OR NOT 3.TREATMENT OF MUTUAL FUND RECEIPTS GIVEN IN BANK STATEMENT 4.IS MUTUAL FUND MATURITY VALUE EXEMPT OR NOT FOR THESE POINTS ANSWER TREATMENT AND SECTION
11 December 2013
PLEASE ANSWER MY FOLLOWING QUERIES 1.IS PPF MATURITY VALUE EXEMPT OR NOT Reply : Exempt.
2.IS NSC MATURITY VALUE EXEMPT OR NOT Reply: NSC interest is taxable fully if not considered on accrual basis. . When Accrual basis is followed and yearly interest is shown as income, on maturity only 6th yr (last) interest will be taxable. .
11 December 2013
3.TREATMENT OF MUTUAL FUND RECEIPTS GIVEN IN BANK STATEMENT Please read the answer of Query 4.
4.IS MUTUAL FUND MATURITY VALUE EXEMPT OR NOT FOR THESE POINTS ANSWER TREATMENT AND SECTION Reply- Mutual funds receipts are subject to tax and generally taxed under the head "Capital Gains" . Section 45 and 48.
Long term capital gain is exempt only when the mutual fund units are of an Equity Oriented Mutual Fund. (Section 10(38)
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