IF amt invested in long term infrastructure bond under sec 80 CCF ,wheather the amt at maturity is taxable or not ? if yes wheather it only on interest amt or whole amount.
3 Replies
Parshu
(CA Final)
(84 Points)
Replied 13 December 2010
The interest received on these bonds shall be treated as income from any other source and shall form part of the total income of the assessee in that financial year in which they are received.
Since the amount received on maturity forms our own capital,it is not taxable.
CA Amit surana
(C.A.)
(191 Points)
Replied 16 December 2010
intrest received is taxable and balance is not taxable
M .K. Jha
(CA Final)
(484 Points)
Replied 16 December 2010
Yes,
Interest amount should be taxable but balance amount should not be taxable.
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