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exempted income

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(Querist)
24 October 2009 are interest from US 64 Bond and RBI Bond tax free
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KARAN SHARMA

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KARAN SHARMA (Expert)
24 October 2009 As per sec 10(35) any income from mutual fund specified u/s 10(23D) will be exempt from tax. So income from UTI US64 is exempt
You have not stated type of bond bought from RBI. If it was 8% Relief Bond(invested before 28/2/2003), then, it was not taxable as per section 10(15)(iiic). Therefore, if you hold those bonds , interest thereon is tax free and also there is no TDS .
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