maturity on FDRs
This query is : Resolved
CA Mandar Joshi
(Querist)
16 June 2011
Sir,
what are tax implications on maturity of FDR with bank? Is capital gains tax attracted?
what are tax implications on maturity of FDR with bank? Is capital gains tax attracted?
CA. B.SRINIVASULU
(Expert)
16 June 2011
NO capital gains tax is attraced. The difference between pricipal and maturity amount will be treated as interest income from other sources. If you are following cash basis the entire difference will be taxed in the year of receipt. if you are following accrual then tds amount will be taxed in respective years of tds certificate and balance will be taxed on maturity.
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