What will be the NSC interest for the year ending 31.03.2009 if it was purchased on 20.5.2003?
4 Replies
FATEMA
(CHARTERED ACCOUNTANT)
(719 Points)
Replied 20 January 2010
It will be 12.08%.However, this is the sixth year of the investment and hence the certificate will mature and the interest rcvd will not be re-invested.
Vatsalya Bhardwaj
(Final Student)
(427 Points)
Replied 20 January 2010
thanks Fatema..but what do u mean by interest received will not be reinvested? The interest will be charged as Income from Other sources rite?? Is there any other tax implications??
FATEMA
(CHARTERED ACCOUNTANT)
(719 Points)
Replied 20 January 2010
By saying that interest is not re-invested, i mean that u will not get deduction for interest rcvd u/s 80C only for the sixth year.The interest will be charged under the head Income from Other Sources and no other tax implications.
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