07 June 2011
I have an claimed N.S.C. interest that was accrued as deduction U/s80 C.... now since my n.s.c. has got matured i received the money back. would the excess money that i have received out of investment would be taxable. whether the interest received in the maturity year would be taxable???
07 June 2011
No Interest received on Maturity is not taxable. However, interest accrued for the 6th year (Last Year) is taxable as the same is not qualified for deduction under section 80C.
07 June 2011
THERE IS NO EXEMPTION TO INTEREST ON NSC SO INTT IS ALWAYS TAXABLE FIRST IT IS TO BE INCLUDED IN INCOME AS OTHER SOURCES INCOME THEN DED UNDER SECTION 80C IS ALLOWED THAT TOO ONLY IN RESPECT OF INTT UPTO THE FIFTH YEAR
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