Kiran Kumar V (C.A. Final) (181 Points)
03 March 2009Hello friends,
An assesse invested in Rural Electricfication Bonds for availing the benefit of capital gains exemption U/s 54
Subsequently, he received interest from the said investment.
Now such interest is exempted or taxable, please quote section if possible
Regards,
Kiran Kumar V
CA. ANKUR JAIN
(CA.....)
(2800 Points)
Replied 03 March 2009
HELLOW,
INTEREST ON SUCH INVESTMENT IS NOT EXEMPTED UNDER ANY SPECIAL SECTION SUCH AS 10(15), 10(32) HENCE IT IS TAXABLE...............
(pls correct me if nything wrong)
madhur gupta
(student/article )
(1022 Points)
Replied 03 March 2009
yes it will be taxable,it is not exempted one....
CMA KNVV Sri Vidya - Sri Kanth
(C.A.Final (New) ICWAI FINAL (New))
(11269 Points)
Replied 03 March 2009
Ya interest on the investment in REC bonds is surely a taxable income
CAclubindia
