Hi,
What will be the interest income for Income Tax purposes for Rs 1,00,000/- KVP purchased in November 2019 for the FY 2021-22?
Please share the link / chart for calculation.
Thanks,
Amit
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Interest on KVP
Replies (5)
Quick Summary
https://www.caclubindia.com/share_files/kvp-interest-calculator-11278.asp
This KVP interest calculator is not updated and so cannot be used for KVP purchased in the Financial year 2019-20.
Can you share the sheet with the latest calculation?
On premature encashment of KVP, the amount to be paid depends on the period of holding of the scheme.
For example, the table below indicates the amount required to be paid in case of premature encashment of a Rs.1,000 worth certificate from KVP for the period between 1 July 2019 to 31 March 2020 at interest rate of then 7.6% :
| Period of Holding Certificate | Amount to be paid (Inclusive of interest) |
|---|---|
| Less than one year | Rs.1,000 (No interest) |
| Minimum: 2.5 years Maximum: 3 years | Rs.1,173 |
| Minimum: 3 years Maximum: 3.5 years | Rs.1,211 |
| Minimum: 3.5 years Maximum: 4 years | Rs.1,251 |
| Minimum: 4 years Maximum: 4.5 years | Rs.1,291 |
| Minimum: 4.5 years Maximum: 5 years | Rs.1,333 |
| Minimum: 5 years Maximum: 5.5 years | Rs.1,377 |
| Minimum: 5.5 years Maximum: 6 years | Rs.1,421 |
| Minimum: 6 years Maximum: 6.5 years | Rs.1,467 |
| Minimum: 6.5 years Maximum: 7 years | Rs.1,515 |
| Minimum: 7 years Maximum: 7.5 years | Rs.1,564 |
| Minimum: 7.5 years Maximum: 8 years | Rs.1,615 |
| Minimum: 8 years Maximum: 8.7 years | Rs.1,722 |
| Minimum:9 years and above Maximum: Before maturity | Rs.1,788 |
| On Maturity | Rs.2,000 |
Sir, as per my understanding, these rates apply for premature encashment of KVPs.
What if we need to calculate the accrued interest for KVP purchased in Nov 2019 for the FY 2021-22? Please share the interest accrued chart for KYV.
Thanks,
Amit
No chart available, just add interest (compounded) annually.
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