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Interest from nsc

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 March 2017 whether interest from NSC is taxable last last year interest only and principal portion whether taxable or exempt.
because interest accrued first taxable under the head and again deduction is claimed under section 80 C, so last year interest can not be claimed as deduction so last year interest only taxable is correct.
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CA Gopal Somani

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CA Gopal Somani (Expert)
28 March 2017 Yes, Last years' interest is taxable.
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Querist : Anonymous

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Querist : Anonymous (Querist)
28 March 2017 whether principal portion shall not be included in income after maturity. is correct or not
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CA Gopal Somani

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CA Gopal Somani (Expert)
28 March 2017 Principal portion will not be taxable.
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