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Sanjeev Govila |192 Answers |Ask -Follow

Financial Planner - Answered on Jul 23, 2023

Question by Umesh on Jun 30, 2023

Money

At what rate the interest earned on ICICI children growth bond is taxed

Ans: This fund has been designed to provide the amount for your child's wedding, higher education etc.
There are two components in the maturity amount. One is Principle and another one is Interest.
There is no tax on the principle amount. Interest earned here will be added to your income and will be taxable as per the slab rates.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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purchased ICICI children growth bond in 2001 on the name of my son. Same has been redeemed in 2022 after maturity. My Son is 22 years old and having PAN also which was submitted to ICICI along with details of his account number after attaining 18 years of age. Redemption amount has been credited to my son's account but TDS has been deducted against my PAN. Is this okay as per IT rules?, any possible corrective action?

Ans: Hi
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I have purchased ICICI children growth bonds for my minor daughter in 2001. The same was redeemed. I want to know if the amount I got is only interest than when I will get principal amount

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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