Accrued Interest on NSC VIII Issue
This query is : Resolved
Narpat S Gaur
(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?
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
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?
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
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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