Interest On N S C
This query is : Resolved
Shammi_Vision
(Querist)
27 March 2010
What should be the treatment of Interest On N S C.
plz tell me I am very confused.
When deduction u/s 80C is available on this Interest.
Thanks in advance
Shammi
plz tell me I am very confused.
When deduction u/s 80C is available on this Interest.
Thanks in advance
Shammi
CA Gangadhar Mishra
(Expert)
27 March 2010
int on NSC is taxable under income from other sources on accrual basis & since it is accrued & reinvested it is deductible U/S 80 C.
Rahul Gupta
(Expert)
27 March 2010
Agreed with Expert Gangadhar. Interest on NSC is included in the other income and also can be claimed as Dedcution u/s 80C within the limit of Rs 1 lakh.
CA Ashok Kumar Sahu
(Expert)
27 March 2010
agree with expert
CMA Ramesh Krishnan
(Expert)
27 March 2010
It is income from other sources and same can be claimed under 80C
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