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.
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