Nsc interest
This query is : Resolved
12 September 2013
sir
may I know if the interest received on redemption of nsc is exempt or not?
12 September 2013
NSC interest on redemption is taxable and not eligible for deduction u/s.80C since it will not get reinvested
12 September 2013
NSCs on redemption are not taxable.
But the interest earned for the first four/five years is eligible for deduction under sec.80(c) on yearly accrual basis. But the interest earned during the last year is taxable.
But the interest earned for the first four/five years is eligible for deduction under sec.80(c) on yearly accrual basis. But the interest earned during the last year is taxable.
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