Interest Inome
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 July 2011
Sir
A Senior Citizen has invested his money in Kisaan Vikaash Patra (KVP) by total sum of 2000000 for period 8 years and 7 months, then what will be the Intt.Income for One year
A Senior Citizen has invested his money in Kisaan Vikaash Patra (KVP) by total sum of 2000000 for period 8 years and 7 months, then what will be the Intt.Income for One year
CA PARAS BAFNA
(Expert)
07 July 2011
Interesting details compiled from Bajaj Capitals site -
Created/updated on: 03/02/2007.
1. Minimum Investment Rs. 500/- No maximum limit.
*
2.Rate of interest 8.40% compounded annually.
*
3. Money doubles in 8 years and 7 months.
*
4. Two adults, Individuals and minor through guardian can purchase.
*
5. Companies, Trusts, Societies and any other Institution not eligible to purchase.
Non-Resident Indian/HUF are not eligible to purchase.
*
6. Facility of encashment from 2 ½ years.
*
7. Maturity proceeds not drawn are eligible to Post office Savings account interest for a maximum period of two years.
*
8. Facility of reinvestment on maturity.
*
9. KVP can be pledged as security against a loan to Banks/Govt. Institutions.
*
10. KVP are encashable at any Post office before maturity by way of transfer to desired Post office.
*
11. KVP are transferable to any Post office in India.
*
12. KVP are transferable from one person to another person before maturity
*
13. Duplicate can be issued for lost, stolen, destroyed, mutilated and defaced KVPs.
*
14. Nomination facility available.
*
15.Facility of purchase/payment of KVP to the holder of Power of attorney.
*
16. Deduction u/s 80 C not admissible.
*
17.Interest income taxable but no TDS
*
18.Deposits are exempt from Wealth tax.
Created/updated on: 03/02/2007.
1. Minimum Investment Rs. 500/- No maximum limit.
*
2.Rate of interest 8.40% compounded annually.
*
3. Money doubles in 8 years and 7 months.
*
4. Two adults, Individuals and minor through guardian can purchase.
*
5. Companies, Trusts, Societies and any other Institution not eligible to purchase.
Non-Resident Indian/HUF are not eligible to purchase.
*
6. Facility of encashment from 2 ½ years.
*
7. Maturity proceeds not drawn are eligible to Post office Savings account interest for a maximum period of two years.
*
8. Facility of reinvestment on maturity.
*
9. KVP can be pledged as security against a loan to Banks/Govt. Institutions.
*
10. KVP are encashable at any Post office before maturity by way of transfer to desired Post office.
*
11. KVP are transferable to any Post office in India.
*
12. KVP are transferable from one person to another person before maturity
*
13. Duplicate can be issued for lost, stolen, destroyed, mutilated and defaced KVPs.
*
14. Nomination facility available.
*
15.Facility of purchase/payment of KVP to the holder of Power of attorney.
*
16. Deduction u/s 80 C not admissible.
*
17.Interest income taxable but no TDS
*
18.Deposits are exempt from Wealth tax.
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