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Accrued Interest on NSC VIII Issue

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(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?
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CA. Yayati Tyagi

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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
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Narpat S Gaur

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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?
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CA.Manish Jindal

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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
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CA. Yayati Tyagi

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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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