Interest on national savings certificate
This query is : Resolved
Abhishek Roy Choudhury
(Querist)
21 February 2016
Dear Sir,
An assesse had purchased two no's of NSC one on April'2008 and another on May'2009. My question is whether the Interest on both the NSC is allowable as deduction under section 80C for the F.Y. 2014-15 relevant to A.Y. 2015-16.
Please reply as early as possible. Your valuable reply would be helpful for me.
Thanks,
Abhishek Roy Choudhury.
An assesse had purchased two no's of NSC one on April'2008 and another on May'2009. My question is whether the Interest on both the NSC is allowable as deduction under section 80C for the F.Y. 2014-15 relevant to A.Y. 2015-16.
Please reply as early as possible. Your valuable reply would be helpful for me.
Thanks,
Abhishek Roy Choudhury.
Ganeshbabu K
(Expert)
21 February 2016
1)Every year accrued interest on NSC is eligible for deduction under section 80C as it is treated as reinvested.so last years interest not eligible for 80C
2)you should disclose interest on NSC in income from other sources and claim deduction except for last year in 80C
2)you should disclose interest on NSC in income from other sources and claim deduction except for last year in 80C
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