Hiiiiiii Everyone,
My query is relatiing to National Saving certificate.. Maturity amount is taxable or not???
6 Replies
Mihir
(Wealth Manager)
(5293 Points)
Replied 07 February 2014
Interest accrued on NSC every year is taxable, and also eligible for deduction u/s 80C because the interest amount is reinvested.
Mohit sachdeva
(article assistant)
(79 Points)
Replied 07 February 2014
But Mihir M talking about principle amount not interest
& as u said then last year interest will not be eligible for deduction u/s 80C because this will not be re invested
Mihir
(Wealth Manager)
(5293 Points)
Replied 07 February 2014
That is correct. Last year interest shall not be eligible for deduction u/s 80C. The principal amount shall of course be tax-free.
Mohit sachdeva
(article assistant)
(79 Points)
Replied 08 February 2014
Thanks a lot Mihir Sir Suppose a person holding a kisan vikas patra from many years ago and he did not show till the last year return in the investment list Now this year is the maturity period plz give me reply
i know my question is not clear
Mihir
(Wealth Manager)
(5293 Points)
Replied 08 February 2014
Principal amount shall be tax-free. Interest shall be taxable.
Recent Topics
- Clarity regarding Sec 16(4)
- GST ON HOTEL ROOMS details
- Relief for Delayed Filing of Tax Forms
- Expire stock
- INCOME TAX AY 25-26
- Experienced CA firm for accounting & auditing
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
Related Threads
CAclubindia
