I have few NSCs which has expired around 2 years back. I purchased it at Bikaner but is now living at Gurgaon. I want to know the procedure to get the maturity amount. Can my wife collect it on my behalf?
Hi! we r saving in NSC for 3-4 years 1 lakh /year.now we r looking forward to buy owr own flat & r in dire need to recover our saved money from all the possible sources.Can we give our Nsc's back & get back the principle amount.
"If you do not declare the interest on an accrual basis, then the entire interest earned (difference between the amount deposited and the maturity value) would accumulate in the year of maturity”.
I also read at http://www.themoneyquest.com/2008/09/10-common-income-tax-fallacies.html
“Interest on NSC is chargeable to tax on the basis of annual accrual SPECIFIED IN NSC RULES”.
This article does not speak of "On Maturity" but of "Annual Accrual" and that too with reference to "NSC RULES". I would appreciate if this anomaly can be clarified.
2. I also read here in this column:
“You could then claim it under Section 80C but it would be a huge amount and would be taxable at the current applicable tax rate".
I would appreciate if the following may be clarified:
Is it permissible that 60,100 accrued interests on 100,000 NSC can be treated as the income of the seventh year, as well as, the same amount of 60,100 can be claimed as 80C reinvestment in the seventh year?
I used the term seventh year because 160,100 becomes available to the assessee after completion of sixth year, meaning at the very beginning of seventh year. Is it correct to say so?
Re: maturity payment
by mahesh prasad on Jun 15, 2012 12:44 AM
Give letter to Thane Office along with certificates. They will send it to Virar and give u the money. BUt it may take around 1 month.But it is better than travelling to Virar twice
HI, I HAVE TO JUST ASKED AS MY HUSBAND DIED & THE NOMINATION IS IN THE NAME OF HIS FATHER & MOTHER, I JUST WANT TO KNOW WHAT WOULD BE RATE OF INTERST IF WE REDEEM IT BEFORE MATURITY.
