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NSC maturity

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(Querist)
19 July 2011 when nsc is matured whether it is taxable or exempt???
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
19 July 2011 Principal is tax free. Interest is taxable either year wise or at maturity time depending upon the method adopted by the assessee.
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Tanvi

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Tanvi (Querist)
19 July 2011 thank u sir
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Tanvi

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Tanvi (Querist)
19 July 2011 i am told that only last year's interest will be charged as other year interests are deducted u/s 80c.....is it right?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
19 July 2011 80C purpose what u said is correct. For declaring income ,interest should be offered year wise if not entire interest should be declared in the year of maturity.
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Tanvi

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Tanvi (Querist)
19 July 2011 ok sir...Thank you for your knowledge.
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