Income tax treatment of redemption proceeds of nss-87
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 July 2018
I had opened a NSS 87 account in 1990 in which I had made 5 or 6 deposits,spread over 2-3 years, totaling 37,000./ .ONLY.
I closed this account in Feb 2018.
The total amount (including Principal of 37,000/ plus accumulated interests up to the fin year 2016-17 and the interest for the part fin year 2017-18 ( from 01/04/2017 up to date of closure in Feb 2018 ) worked out to be 3,70,000/.
Post Office guys have deducted 10 % TDS ( Rs 37,000./) on the entire holding and gave me a cheque of Rs 3,,33,000/..
My query is : Is there any set off admissible for Rs 37,000/ contributed by me as principal.
In other words ; do I show 3,70,000/ or only 3,33,000/ (Rs 3,70,000 - 37000/) as the income for this year.
I closed this account in Feb 2018.
The total amount (including Principal of 37,000/ plus accumulated interests up to the fin year 2016-17 and the interest for the part fin year 2017-18 ( from 01/04/2017 up to date of closure in Feb 2018 ) worked out to be 3,70,000/.
Post Office guys have deducted 10 % TDS ( Rs 37,000./) on the entire holding and gave me a cheque of Rs 3,,33,000/..
My query is : Is there any set off admissible for Rs 37,000/ contributed by me as principal.
In other words ; do I show 3,70,000/ or only 3,33,000/ (Rs 3,70,000 - 37000/) as the income for this year.
18 July 2018
Rs. 3,70,000?- (The amount of both principal and interest being taxable
on withdrawal).
on withdrawal).
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 July 2018
Thanks for the prompt reply.
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