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| This query is : Resolved
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Narpat S Gaur
( Author )
19 June 2008
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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?
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CA. Yayati Tyagi
( Expert )
19 June 2008
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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
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Narpat S Gaur
( Author )
20 June 2008
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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?
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CA.Manish Jindal
( Expert )
20 June 2008
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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
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CA. Yayati Tyagi
( Expert )
26 June 2008
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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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