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income from investment u/s 54ec

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DALPAT R GOYAL

DALPAT R GOYAL (Querist)
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01 July 2010 Any income such as interest on investment made in rural electrification corporation Ltd
is exempted or not ?
please reply me as early as possible

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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01 July 2010 Interest is taxable year wise.However,vide notification No. 359/2002 dated 2nd December, 2002, the Corporation has been exempted from deduction of tax at source under section 193 of the Income Tax Act 1961, on the interest payable on REC 54EC Capital Gain Bonds.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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01 July 2010 Interest received from REC bonds is taxable.

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