An assessee purchase NSC VIII issue of Rs 25000 per year. What the accured interest on such investement shall be included in his income from other source?
Interest amount for the NSC Certificate of Rs 1000
Year Amount of Interest
1 Rs 81.60
2 Rs 88.30
3 Rs 95.50
4 Rs 103.30
5 Rs 111.70
6 Rs 120.80
What the interest income to be include under the head "income from other source" or not ?
Further what the assessee can avail deduction u/s 80C?
Int on NSC purchsed on/after 1.3.03 for Rs 100 is to calculated as follows :-
2- Rs 8.83
3- Rs 9.55
4- Rs 10.33
yes, interest first to be included in income from other source and then claim deduction for same amt u/s 80C. so, no tax on interest.