Interest on national savings certificate
This query is : Resolved
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.
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Regarding TDS Applicability For Director Remuneration
- Copyright software
- SFT Cash Deposit in Current Account
- Value of property in capital gain
- FORM 26A APPLICABILITY
- When TDS on GST applied
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
