Is interest from REC bonds covered under the exemption given under Sec 10(15) ?
Kindly quote the notification, if yes.
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Interest from rec bond
Replies (4)
The income by way of interest on REC -tax free Bonds is exempt from Income Tax and shall not form part of Total Income as per provisions under section 10 (15) (iv) (h) of IT Act.
only interest on REC Taxfree bonds is exempt. Interest on other REC bonds (eg capital gains )is fully taxable.
So REC bonds that render the 54EC benefit are not tax free and interest from such bonds is taxable. right ?
Interest on any bonds which are not specifically mentioned as 'tax free' is taxable.
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