Re: Accrued interest on NSC
This query is : Resolved
25 June 2009
Is Accrued interest on NSC is exempt u/s 80c after five year period along with the principal amount deposited for the year.
25 June 2009
Hi Aman,
You can take the benefit of interest accrued on NSC during the year only u/s. 80C. You can not claim the benefit of interest accrued during the last 5 years. If you have purchased the NSC during the year then you can claim the same u/s. 80C.
You can take the benefit of interest accrued on NSC during the year only u/s. 80C. You can not claim the benefit of interest accrued during the last 5 years. If you have purchased the NSC during the year then you can claim the same u/s. 80C.
25 June 2009
MY QUESTION WAS AFTER A PERIOD OF 5 YRS THE INTEREST ACCRUED FOR THE 6TH YEAR IS ALSO EXEMPT U/S 80C ALONG WITH THE PRINCIPAL DEPOSITED DURING THE YEAR?
25 June 2009
No.
The interest of the sixth year is not eligible for deduction u/s 80C for the simple reason that it is not re-invested.
The interest of the sixth year is not eligible for deduction u/s 80C for the simple reason that it is not re-invested.
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