Taxable or not ?
This query is : Resolved
24 June 2009
Do interest income from REC Bonds (investment is exempt u/s. 54EC) is liable tax or not?
24 June 2009
The REC bond can not be transferred within three years. Interest is payable annually on 30th June every year till date of redemption. Therefore ,interest received every year shall be taxable year wise.However,vide notification No. 359/2002 dated 2nd December, 2002, the Corporation has been exempted from deduction of tax at source under section 193 of the Income Tax Act 1961, on the interest payable on REC 54EC Capital Gain Tax Exemption Bonds.
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