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.....
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Tax free bond
Replies (9)
Tax free bonds are any way exempted...so ur treatment here dont seem correct.......
i dont understand the reason for doing so. any income from tax free bonds are already exempt then why would you do such treatment.
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
ur query is not clear
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??
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??
Forget being allowed under income tax act or not. How will it help you ??
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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.
Ok thank you! But is there any case study on it!
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