Repayment of amount from the account under the National Savings Scheme to the legal heirs of the assessee-Taxability of-Regarding

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..... CCA of the Income-tax Act, 1961, provides that where any amount standing to the credit of an assessee under the National Savings Scheme, in respect of which a deduction had been allowed under sub-section (1) of the said section, is withdrawn in whole or in part in any previous year, the amount withdrawn shall be deemed to be the income of the assessee of that previous year. 2. A question has bee .....

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..... heirs of the assessee after his death will also not be covered by the provisions of section 80CCA(2) and will, accordingly, not be chargeable to income-tax in their hands. (Sd.) Anand Kishore, Under Secretary to the Government of India. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com .....

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