Nsc interest
This query is : Resolved
ATUL BELEL
(Querist)
12 September 2013
sir
may I know if the interest received on redemption of nsc is exempt or not?
CMA Ramesh Krishnan
(Expert)
12 September 2013
NSC interest on redemption is taxable and not eligible for deduction u/s.80C since it will not get reinvested
CA Pallav Singhania
(Expert)
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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