Nsc taxability at maturity

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Salil Sen Mazumdar

Salil Sen Mazumdar (Querist)
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18 April 2012 Is NSC whole amount received at maturity is taxable or only the interest received is taxable?

CA. Sameer Kashikar

CA. Sameer Kashikar (Expert)
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18 April 2012 Dear Salil,

Interest on NSC is only taxable and not the whole maturity amount

Since NSC is for 6 years
every year accrued interest on the NSC is taxable as per the NSC table but the same interest is also allowed u/s 80C as deduction (Subject to 1 Lakh limit) since interest earned is reinvested
but 6th year interest is not allowed as deduction since it dosenot get reinvested

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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20 April 2012 Yes Sameer is correct and spelling out the provisions which are applicable to NSC. I Agree with him

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