Urban agri. land
This query is : Resolved
Abhishek Kumar
(Querist)
17 April 2014
Dear Sir,
Please let me know the Taxablilty status of the following :-
1. NSC Maturity
2. Interest on NSC
3. RD Maturity
4. Int on RD
5. FD maturity
6. Interest on FD
7. NSC Maturity
Pls Reply.
Thank You.
Please let me know the Taxablilty status of the following :-
1. NSC Maturity
2. Interest on NSC
3. RD Maturity
4. Int on RD
5. FD maturity
6. Interest on FD
7. NSC Maturity
Pls Reply.
Thank You.
17 April 2014
Dear ones, if urban agriculture land is used only for agri. purpose. then is it a capital asset or not???
Rupesh Jain
(Expert)
17 April 2014
yes it is capital assets.
Dintakurthi Tirumala
(Expert)
17 April 2014
@Abhishek Kumar
1) Maturity amount of NSC not taxable(Principle portion)
2) Interest on NSC is taxable under the head Income from other sources as per the rate of interest table provided by the IT on accrual basis and the same shall be eligible for deduction u/s 80C. But in the year of maturity the section 80C benefit not available for the portion of interest for that year.
3) Maturity amount of RD not taxable(Principle portion)
4) Interest on RD is taxable under the head income from other sources either on accrual basis or receipt basis choice of the assessess
5) Maturity amount of FD not taxable(principle portion)
6) Interest on FD is taxable under the head income from other sources either on accrual basis or receipt basis choice of the assessess.
7) already explained in point no 1.
OM SAI SRI SAI JAI JAI SAI
1) Maturity amount of NSC not taxable(Principle portion)
2) Interest on NSC is taxable under the head Income from other sources as per the rate of interest table provided by the IT on accrual basis and the same shall be eligible for deduction u/s 80C. But in the year of maturity the section 80C benefit not available for the portion of interest for that year.
3) Maturity amount of RD not taxable(Principle portion)
4) Interest on RD is taxable under the head income from other sources either on accrual basis or receipt basis choice of the assessess
5) Maturity amount of FD not taxable(principle portion)
6) Interest on FD is taxable under the head income from other sources either on accrual basis or receipt basis choice of the assessess.
7) already explained in point no 1.
OM SAI SRI SAI JAI JAI SAI
Dintakurthi Tirumala
(Expert)
17 April 2014
@shivam, yes urban agricultural land is an asset as per section 2(14) of the IT Act,1961, since liable to capital gain tax.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
Rupesh Jain
(Expert)
17 April 2014
1.NSC MATRUITY NOT TAXABLE
2. INTEREST OF NSC OF YEAR YEAR WILL ADD IN INCOME THEN DEDUCTABLE U/S 80C AS
REINVEST BUT LAST YEAR OF NSC WILL NO DECUTABLE U/S 80C
3. IN R D MATURITY INTT ON RD A/C WILL TAXABLE
4.FDR INTT WILL BE TAXABLE
5.FDR AMOUNT NOT TAXABLE
2. INTEREST OF NSC OF YEAR YEAR WILL ADD IN INCOME THEN DEDUCTABLE U/S 80C AS
REINVEST BUT LAST YEAR OF NSC WILL NO DECUTABLE U/S 80C
3. IN R D MATURITY INTT ON RD A/C WILL TAXABLE
4.FDR INTT WILL BE TAXABLE
5.FDR AMOUNT NOT TAXABLE
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