Sardar Sarovar Bond Redemption

Tax planning 4445 views 5 replies

Free

97 Points Joined March 2007

Dear all,

I want to have clarification from my learned friends. I have Sardar Sarovar DDB which was allotted by Govt. of Gujarat in 1995 which was expected to mature in 2014. But due to some changes in policy govt. decided to close this scheme in 2009 by giving all the bond hlder an amount of about 50000/-. My last year net profit as an individual was Rs. 125000/- only. I come to know there is a way to save the tds or tax as a whole (if it applicable to me) by gifting theis bond to my relative with blood relation who may not have taxable income. By this way I can get myself out of the LOSS of tax.

Is it true and if not please throw some light over the issue

Thanx

Replies (5)

Free

97 Points Joined March 2007

I really wonder why experts do not post their view on this vital issue.

Guest

457805 Points Joined August 2012

I want to redeem the Sardar sarovar phsical bond. so please inform the procedure and place in jamnagarcity as soon as possible.

Guest

457805 Points Joined August 2012

Originally posted by :Free
"	Dear all, I want to have clarification from my learned friends. I have Sardar Sarovar DDB which was allotted by Govt. of Gujarat in 1995 which was expected to mature in 2014. But due to some changes in policy govt. decided to close this scheme in 2009 by giving all the bond hlder an amount of about 50000/-. My last year net profit as an individual was Rs. 325000/- only. I come to know there is a way to save the tds or tax as a whole (if it applicable to me) by gifting theis bond to my relative with blood relation who may not have taxable income. By this way I can get myself out of the LOSS of tax. Is it true and if not please throw some light over the issue And transfer procedures and subission for payment Thanx	"

Guest

457805 Points Joined August 2012

sir

I received the redemption execution form but confusion how surrendered electronic form

of ssnnl for that i dial at079+2658-2878+79+80 also try 079+2325 -2409,2337 all are angage since try for two day also sent vcard also

SUNITA SHARMA

EXECUTIVE OFFICER

21 Points Joined June 2010

I am also having SSNNL Bond and in this regard I have received the following mail dated 5/6/2010 from Mr. Jagdish Patel, SSNNL:

"PLEASE NOTE THAT THE SCHEME IS UNDER COMPULSARY REDEMPTION W.E.F. 10/01/2009. PLEASE SEND ORIGINAL BOND CERTIFICATE DISCHARGED BY ALL BOND HOLDERS ON THE BACK SIDE OF THE CERTIFICATE ALONG WITH FORM NO.15 G IN DUPLICATE AND COPY OF PAN CARD AND BANK DETAILS OF 1^ST BOND HOLDER FOR REDEMPTION. THE REDEMPTION AMOUNT IS RS.50000/- PER BOND CERTIFICATE, SUBJECT TO DEDUCTION OF TAX. NO ACCRUED INTEREST WILL BE PAID TO YOU AFTER 10/01/2009. WITHOUT PAN NO. AND FORM NO. 15 G, TAX WOULD BE DEDUCTED @ 20 % FROM REDEMPTION AMOUNT".

I shall be highly grateful if anybody can put the light on this and educate me about its procedure etc.

Thanks & Regards

Sunita Sharma