Taxability of NSC Encashed
This query is : Resolved
06 July 2009
Hi,
Can anyone pls tell me about taxability of NSC encashed and how it is to be shown in ITR?
The assesse is a senior citizen
Regards
Abhi
Can anyone pls tell me about taxability of NSC encashed and how it is to be shown in ITR?
The assesse is a senior citizen
Regards
Abhi
06 July 2009
Principal is tax free. Interest is taxable under the head 'Income from other sources'. Interest is to be shown in the ITR either yearly or at the time of encashment depending on the method of accounting followed by the assessee.
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06 July 2009
agree
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