If you are looking for a safe and secure way to earn decent capital gains, then the Post Office Monthly Income Scheme (POMIS) is a good choice. POMIS provides better assurance rather than other financial funds. The policies offered by the post office to invest are hassle-free and risk-free. This policy is perfect for government retired employees or senior citizens. This MIS scheme is very popular so let us learn “Is MIS in post office taxable?”
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The deposit included as MIS is exempted from Wealth tax.
No Tax Deduction at Source or Tax Rebate is applicable in this scheme.
Although after investing in this scheme you cannot get any tax exemption under Section 80C.
You won't be able to put in more than Rs. 4.50 lakhs in a single account and Rs. 9 lakh in a joint account.
There is a five-year lock-in period but if the account is closed after three years then 1 % of the amount invested will be deducted.
If you close the account within 1 year or before three years 2% of the money invested will be charged for closure.
After reading this, I hope you can understand ‘MIS in post office is taxable or not?’
I hope I was able to clear your doubt regarding Is MIS in post office taxable?
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Is MIS in post office taxable?
Sweta
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2022-08-31T23:41:34+00:00 2022-09-01T00:57:18+00:00Comment
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