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Int on tax free bonds

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(Querist)
17 January 2014 pl clarify if tax free bonds are sold before maturity then interest received on it still exempt under section 10(15)(iv)(h) of the Income Tax Act. thank you.
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AVTAR SINGH

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AVTAR SINGH (Expert)
17 January 2014 Yes. Interest recd. on tax free bonds is exempt.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
18 January 2014 in addition, please note that any capital gains on the sale of the transaction shall be taxable as under:

any capital gain from sale in the secondary market is taxable. Short-term capital gains from sale of tax-free bonds on exchanges are taxed at the normal rate, while long-term capital gains are taxed at 10% without indexation and 20% with indexation, whichever is lower.
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