Hey.. Is the whole amt. invested in NSC during the year is exempt under 80C and any interest to be provided in that yr of purchase or not? If yes then at wat rate? (eg. NSC of rs 25000 invested in 28.07.2011)
2 Replies
Deepak Parsai
(Future CA)
(623 Points)
Replied 01 June 2012
Full principal amt is cover u/s 80 and interest as reinvestment is also deductable u/s 80, but interest of 6th year is taxable(not cover u/s 80) as it is not reinvested anywhere. But remember only simple interest (and not compounded) is only allowed u/s 80. And maximum upto 100000 only u/s 80cce
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