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vinayak landge (B.Com)     17 July 2018

Taxability of Interest on REC Bonds (54EC)

Hello,

I wanted to know whether interest on REC Bond taxable or not. If not then under which section. Is it under 10(15)?


 3 Replies

rama krishnan

rama krishnan   17 July 2018

on going through certain articles, it's mentioned as taxable
vinayak landge

vinayak landge (B.Com)     17 July 2018

https://www.incometaxindia.gov.in/Pages/utilities/Tax-Free-bonds-or-Certificates.aspx
As per above notification it is exempt.
What are your opinions on this?
rama krishnan

rama krishnan   17 July 2018

The following shall be eligible to subscribe to the bonds:—
(a) Retail Individual Investors (RIIs);
(b) Qualified Institutional Buyers (QIBs);
(c) Corporates.- (including statutory corporations), trusts, partnership firms, limited liability partnerships, Co-operative banks, regional rural banks and other legal entities, subject to compliance with their respective applicable legislations; and
(d) High Networth Individuals (HNIs).
Tenure of bonds.
2. The tenure of the bonds shall be ten, fifteen or twenty years.

in all these bonds, the lock in period is minimum 10 years.. for 54EC bonds, it's 3years.

I think these notifications are not applicable to your query. anyway let's wait for experts input

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