interest on post office deposit

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shital (Querist)
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31 December 2009 i want to ask that , is the interest earned monthly on post office deposit exempt ? or taxble if yes , under which sec ?
or if taxable under which sec ?

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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31 December 2009 It is taxable under Income from Other Sources u/s 56.

shital

shital (Querist)
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31 December 2009 i want to ask that , is the interest earned monthly on post office deposit exempt ? or taxble if yes , under which sec ?
or if taxable under which sec ?

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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31 December 2009 I think, I also replied the same question. If you want to ask anything else, then pls tell me with details.

shital

shital (Querist)
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31 December 2009 I HEARD THAT IT IS EXEMPT U/S 10 (15) SO I JUST WANT TO CONFIRM

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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31 December 2009 Ok. You have pointed out a good provision before me. I was not aware of that. But when I read it, it seems that u/s 10(15) certain specified interests are only exempt. And as per my practical experience, interest on post office deposit is not covered into this. But, still I will give you the correct reply, after going through more details of this section. Once again thanks for updating me on this issue.

shital

shital (Querist)
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31 December 2009 thank u for replay

KRISHNA KUMAR R C

KRISHNA KUMAR R C (Expert)
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31 December 2009 u/s 10(15), interest on post office term deposit alongwith post office sb account is exempt from tax. however, interest on post office MIS is taxable under the haed Other Sources

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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31 December 2009 agree with krishnakumar

CA Deepak P. Agrawal

CA Deepak P. Agrawal (Expert)
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06 January 2010 I think of all the reply Mr. Krishna Kumar has fot the right answer.
post office MIS is taxable ans int on SB and Deposit are exempt
Regards

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