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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
