7 replies on this article “Got money from Father’s NSC – Can I show it in my IT return ?”

1. ashalanshu says:

   February 4, 2014 at 1:43 pm

   Dear Dinesh, as you are the joint owner of the NSC, it’s your interest income now. So you need to show it as your own income and pay tax accordingly.

   Thanks

   Ashal

   Reply
2. dinesh says:

   February 3, 2014 at 6:42 pm

   Dear Ashal,
   Thanks for your kind support.
   But as amount invested by my father, can I show interest of NSC every year & pay tax on interest?
   OR
   Can I show amount as Inherit at the time of NSC maturity?
   Pl. guide
   Thanks
   Dinesh

   Reply
3. ashalanshu says:

   February 3, 2014 at 2:01 am

   Dear Dinesh, for the given case, no extra rebate for you ‘ll be there on NSC interest as your section 80C 1L Rs. limit is already over. Still NSC interest ‘ll be added into your income and you w’d have to pay tax on it as per your slab rate.

   Thanks

   Ashal

   Reply
4. dinesh says:

   February 1, 2014 at 6:39 pm

   Thanks
   Dear Ashal
   If my income is taxable & my saving u/s 80c is greater than 100000 & If I am showing NSC interest & take rebate, I pay tax for interest ?
   Thanks
   Dinesh

   Reply
5. ashalanshu says:

   January 31, 2014 at 12:28 pm

   Dear Dinesh, as you are joint owner in the said NSC, as of noq you can claim interest benefit under section 80C and at the same time the interest is to be reported by you as your income in the ongoing FY.

   Post declaration of NSC interest, you need not to pay tax again on maturity.

   Thanks

   Ashal

   Reply
6. dinesh says:

   January 30, 2014 at 7:52 pm

   Thanks
   Dear Ashal
   My question is NSC interest is taxable,
   Can I show interest of NSC every year till matured in my return as a income of NSC which I received as my father expired (first name is my fathers name & second name is mine), NSC purchased by father in year 2012 & father expired in same year.
   as after 5 years matured amount is my income(taxable) or not as amount received as a inherit, pl. guide
   Thanks

   Reply
7. ashalanshu says:

   January 30, 2014 at 9:40 am

   Dear Dinesh, as the NSCs are in joint name, yes you can claim NSC interest for section 80C benefit.

   Thanks

   Ashal

   Reply

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