Query about - income from kisan vikas patra -
This query is : Resolved
16 July 2015
Sir,
An individual had purchased Kisan Vikas Patra of total Rs. 15,000 in past. The said KVP are matured in A.Y. 2015-16 , and he received cheque of Rs. 30,000 from postoffice, as matirity amount.
How much amount should be shown in his Income tax return as "Interest income from KVP ". ? Rs. 15,000 ? or any much or less amount ? Whether is there any special method to determine the portion of interest income in KVP 's maturity amount ?
Thanks.
An individual had purchased Kisan Vikas Patra of total Rs. 15,000 in past. The said KVP are matured in A.Y. 2015-16 , and he received cheque of Rs. 30,000 from postoffice, as matirity amount.
How much amount should be shown in his Income tax return as "Interest income from KVP ". ? Rs. 15,000 ? or any much or less amount ? Whether is there any special method to determine the portion of interest income in KVP 's maturity amount ?
Thanks.
16 July 2015
KVP interest is taxable. Please offer Rs. 15,000 as interest under the head'income from other sources' and compute the tax accordingly.
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