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Accrued Interest on NSC VIII Issue (Income Tax)

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This query is : Resolved

( Querist )
19 June 2008

Dear Sir,

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?

CA. Yayati Tyagi

( Expert )
19 June 2008

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

Narpat S Gaur

( Querist )
20 June 2008

Dear Sir

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?

CA.Manish Jindal

( Expert )
20 June 2008

Int on NSC purchsed on/after 1.3.03 for Rs 100 is to calculated as follows :-
1-Rs 8.16
2- Rs 8.83
3- Rs 9.55
4- Rs 10.33
5-Rs 11.17
6-Rs 12.08

CA. Yayati Tyagi

( Expert )
26 June 2008

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.



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