Tax free bond

Others 718 views 9 replies
User Avatar

0
41 Points Joined April 2011

sir,

i have invetsed in tax free bonds and have clained set off of income from such bonds against my cost of invetsment. is the treatment correct?

please help.....

0 Reply Share Follow
On 17 May 2014 at 12:52 Report
Replies (9)
User Avatar

Chartered accountant
382 Points Joined February 2014
Tax free bonds are any way exempted...so ur treatment here dont seem correct.......
Reply
On 17 May 2014 at 15:39
User Avatar

Student as well as Self-employed
3710 Points Joined September 2007
i dont understand the reason for doing so. any income from tax free bonds are already exempt then why would you do such treatment.
Reply
On 17 May 2014 at 15:40
User Avatar

0
41 Points Joined April 2011
I am sorry, the income i am in receipt of is not interest but its an commission! There TDS also been deducted on that commission! And nw i have claimed set off against the investmen! Is is correct or not! If so kindly provide me reference for the same! Thank u
Reply
On 17 May 2014 at 15:52
User Avatar

Chartered Accountants
2015 Points Joined August 2010

ur query is not clear

Reply
On 17 May 2014 at 16:27
User Avatar

0
41 Points Joined April 2011
I have invested in REC and such other TAX FREE BONDs. I am in receipt of commission on that! It is not an INTEREST. Now i have claimed set off of commission against these investment in TFBs. Is it permitted under IT Provisions??
Reply
On 17 May 2014 at 18:45
User Avatar

0
41 Points Joined April 2011
I have invested in REC and such other TAX FREE BONDs. I am in receipt of commission on that! It is not an INTEREST. Now i have claimed set off of commission against these investment in TFBs. Is it permitted under IT Provisions??
Reply
On 17 May 2014 at 18:48
User Avatar

Chartered Accountant
6971 Points Joined September 2007

Forget being allowed under income tax act or not. How will it help you ??

For more information and doubts Contact me at https://capraveenmr.wordpress.com/ or mail me at mrpraveen @ live.com

Reply
On 17 May 2014 at 21:28
User Avatar

Chartered Accountants
2015 Points Joined August 2010

Dear Pranav

interest on REC is taxable.

interest on other tax free bonds are exempt from tax 

generally agents of REC or such other bonds pay such commission in cash and such commission are not deductable from cost of bonds at all. 

Reply
On 18 May 2014 at 09:29
User Avatar

0
41 Points Joined April 2011
Ok thank you! But is there any case study on it!
Reply
On 19 May 2014 at 01:40


CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading