Dear Friends,
We invested 30 Lakh amount in Post Office for the past 3 years under RD, NSC & 5 years term Deposits.
Source of Revenue - Nil (Earlier savings deposited in PO)
Some interest received from Post office.
We should show this Investment & Interest revenue in ITR?
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Investments to be shown in Income Tax Returns
Replies (5)
Interest on RD, NSC and other deposits would be your income from other sources which needs to disclosed in the ITR. You may claim deduction u/s 80C (NSC interest except for last year and 5-yr deposit) and on interest income u/s 80TTB if you are a senior citizen.
Thank u so much Mam. We need to show Inves830 Lakhs in ITR? if yes, how? In future IT Officer don't ask us the source of Investment 30 Lakh. kindly advise me mam.
You have already mentioned that the source of income is savings. When you initially earned those savings, you would have paid tax on it. So you don't have to pay tax on it again. In other words, tax is paid on the interest earned on deposits (not on deposits itself).
Showing personal assets and investments is required only if you income exceeds 50lacs.
A thank u so much Poornima mam and Veerendar ji
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