Accrued interest on nsc

This query is : Resolved

Geetha (Querist)
Follow

29 April 2013 Sir,

I purchased NSC for Rs.1,00,000/- in May 2007.
I did not know that I can take accrued interest for tax exemption all these years and have not claimed all these years.

My question is:

Can I claim rebate in fy 2012-13 for the last 6 years?

Guest

Guest (Expert)

29 April 2013 you can but you have to take interest earned on all that 6 years in same year in which your taking benefit of 80C

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

29 April 2013 For the financial year 2012-13, deduction under section 80C can be claimed for the accrued interest of f.y 2012-13 only.

Geetha

Geetha (Querist)
Follow

29 April 2013 thank you.

but, i think 6th year's interest cannot be taken as it will not be re-invested correct?

Geetha

Geetha (Querist)
Follow

29 April 2013 Also, should all the interest which i have not taken as accrued in the previous years be added to the taxable income this year or not required?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

29 April 2013 Last years interest is not eligible for 80C deduction.

If interest is not offered as income in each year, entire interest has to be offered as income in the year of maturity.