Treatment of nsc
This query is : Resolved
05 August 2012
Is investment in nsc is exemptin the year of investment and what is the treatment of its interest?
05 August 2012
i) Investment in NSC is covered under the Rs.1 lakh cap of section 80C and accordingly, can claim deduction in the year of investment.
ii) Interest on NSC is taxable and can be offered either year wise or at the time of maturity in lump sum.
ii) Interest on NSC is taxable and can be offered either year wise or at the time of maturity in lump sum.
05 August 2012
Agreed with the reply
05 August 2012
Thnk B.Chackrapani Warrier sir, but can u plz explain the interest taxability wit the help of an example as mah concept in dis regard is not clear.
06 August 2012
Further, interest on NSC is also eligible for deduction u/s 80C.
So on one hand it is taxable and on the other hand it is allowed as deduction u/s 80C.
So on one hand it is taxable and on the other hand it is allowed as deduction u/s 80C.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- Reporting in TDS return
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- Gst on travel by air for business purposes
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- Banking Related Issue
- Residential status of non resident
- ITR-3 File/Error Found
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
