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Taxability of Double Money- NCD of Shriram Transport Finance

This query is : Resolved 
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(Querist)
15 March 2011 I have been allotted NCD of the STFCL of 1 lakh in ipo . The Debenture has face value of 1000 & are redeemable after 6 ½ year with 100% redemption premium. This are double money bond .
Do I need to take interest accrued on this NCD every year or pay tax on 100% redemption premium at the time of redemption after 61/2 years ?
Annualisd yield on the NCD comes to 11.50% P.a

Please Advice

Pankaj Ajmera
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Abhishek

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Abhishek (Expert)
16 March 2011 Would depend if you have bonds in ur personal capacity or its in the name of some company of yours.

If its in ur personal name then you can offer for tax on cash basis i.e on redemption..
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