Fd matured claim under which section

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85 Points Posted on 14 December 2020
if any short term fd is matured through sweep transfer then the interest that occured will be taken under which section and upto which amount the tax is free
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On 14 December 2020 at 14:29 Report
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Quick Summary
This discussion clarifies the tax treatment of interest earned on a short-term Fixed Deposit (FD) that has matured through a sweep transfer. The interest accrued is taxable under Section 56 as 'Income from Other Sources'. Currently, there is no specific tax-free limit for this type of interest; the full amount earned is subject to tax.

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Practice
3235 Points Posted on 14 December 2020
Section 56 IFOS interest earned or accrued is taxable and there is no exemption i.e. not tax free.. full amount is taxable
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On 14 December 2020 at 18:16
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85 Points Posted on 16 December 2020
In which source of income i will show sweep transfer interest
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On 16 December 2020 at 10:30
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Tax consultant
5895 Points Posted on 18 December 2020
Income from other sources you will show
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On 18 December 2020 at 21:34

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