Retired Gupta ji ke ek dost ne kaha, "Bank FD 7% deti hai, par tax-free bond sirf 6% deta hai. FD hi theek hai na?" Gupta ji ne CA se poochha aur jawab mila, "Agar aap 30% slab me hain, to 6% tax-free ka matlab taxable FD ke lagbhag 8.7% ke barabar ho sakta hai." Bonds aur T-bills sarkar ya companies ko udhaar dene ke tareeke hain, aur har ek ka tax alag hai. Is article me hum aam taur par milne wale paanch instruments ka tax simple bhasha me dekhte hain.
Quick Summary
- Interest (coupon) par slab rate se tax, tax-free bonds ko chhodkar
- Listed bond 12 mahine se zyada rakhkar bechne par LTCG 12.5%, bina indexation
- Unlisted bonds/debentures: gain hamesha short-term, slab rate par
- T-bill ek saal se kam ka instrument, to gain slab rate par hi jud-ta hai
- Tax-free bond: interest exempt, secondary market sale par capital gain taxable
- Bond me tax ke saath rating, maturity aur liquidity bhi dekhein
Instrument-wise Tax Ek Nazar Me
| Instrument | Interest / coupon | Bechne ya maturity par gain |
|---|---|---|
| Government security (G-Sec) / taxable govt savings bond | Slab rate par taxable | Listed security ki tarah: 12 mahine se zyada par 12.5%, warna slab |
| Treasury bill (91/182/364 din) | Coupon nahi, discount par chalti hai | Discount ka gain slab rate par jud-ta hai (kyunki ek saal se kam) |
| Listed corporate bond / NCD | Slab rate par taxable | 12 mahine se zyada: LTCG 12.5%. Kam: slab rate |
| Unlisted bond / debenture | Slab rate par taxable | Hamesha short-term, slab rate par |
| Tax-free bond (PSU issuers) | Exempt | Secondary market sale par capital gain taxable |
Bond ke gain par ₹1.25 lakh wali exemption nahi milti, wo sirf listed equity aur equity-oriented funds ke liye hai. Sab par 4% cess alag se lagta hai. Listed bond ka interest demat form me aam taur par bina TDS ke milta hai, jabki unlisted ya physical bond par TDS ho sakta hai. Ye bond ke type par depend karta hai, isliye certificate check karein. Interest ki kai entries AIS me bhi dikh jati hain.
Worked Example 1: Tax-free Bond Ka Asli Yield
Tax-free bond ka yield aur taxable bond ka yield seedha compare nahi hota. Uske liye tax-equivalent yield nikalte hain: tax-free yield ÷ (1 − tax rate). Maan lijiye ek tax-free bond 6% ka yield de raha hai (kalpanik number).
| Aapka slab (cess ke saath) | Calculation | Taxable bond/FD ka barabari wala yield |
|---|---|---|
| 30% (31.2%) | 6 ÷ 0.688 | ≈ 8.72% |
| 10% (10.4%) | 6 ÷ 0.896 | ≈ 6.70% |
Yaani 30% slab wale ke liye 6% tax-free ka matlab taxable FD ke lagbhag 8.7% ke barabar hai. 10% slab wale ke liye wahi bond 6.7% ke barabar hai. Tax-free bonds ka asli faayda unhi ko hai jo high slab me hain. Dhyan rahe ki bahut saalon se in bonds ke naye issue nahi aaye, to ye secondary market me milte hain. Wahan price coupon se alag chalta hai, to coupon nahi balki yield to maturity dekhein, aur liquidity kam ho sakti hai.
Worked Example 2: Discount Par Kharida Listed Bond
Ek listed bond ka face value ₹1,00,000, coupon 7%. Aapne secondary market se ₹94,000 me kharida aur teen saal baad maturity par ₹1,00,000 mile (kalpanik numbers). Har saal ka ₹7,000 interest slab rate par taxable. Beech ka ₹6,000 ka discount gain 12 mahine se zyada rakhne ke baad capital gain maana ja sakta hai.
| Hissa | Amount | 30% slab wale ka tax |
|---|---|---|
| Coupon interest (3 saal me ₹21,000) | ₹21,000 | 31.2% = ₹6,552 |
| Discount gain (LTCG) | ₹6,000 | 12.5% + cess = ₹780 |
| Agar wahi ₹6,000 slab par lagta | ₹6,000 | ₹1,872 |
Is example me discount wale gain par ₹1,092 ka tax kam ban raha hai. Lekin ye treatment facts, bond ke terms aur uske asli listing status par depend karta hai, aur accrued interest ka hisaab alag karna padta hai. Bond lene se pehle apne CA se ek baar confirm karein.
Worked Example 3: T-Bill
T-bill ka face value ₹1,00,000 hai aur aapne 364 din ki T-bill ₹94,500 me kharidi (kalpanik price). Maturity par ₹1,00,000 mile, yaani discount ₹5,500 (return ≈ 5.82%). 30% slab me tax ≈ ₹1,716, post-tax gain ≈ ₹3,784 (lagbhag 4.0%). Kyunki T-bill ek saal se kam ki hoti hai, long-term benefit ka sawal hi nahi uthta. T-bill ki kamai ko capital gain ya interest ki tarah dikhane ka tareeka CA se confirm kar lein, dono me tax slab rate par hi lagta hai.
Sovereign Gold Bond (SGB) Ka Naya Rule
SGB bhi ek tarah ka sarkari bond hai. 1 April 2026 se uske capital gains ki tax-free maturity sirf unke liye hai jo original issue me subscribe karke maturity tak rakhte hain. Secondary market se kharidne wale ko ye benefit nahi milta. SGB ki puri detail gold tax guide me hai.
Common Mistakes
- Tax-free bond ka coupon aur FD ka rate seedha compare kar dena.
- Maan lena ki tax-free bond bechne par bhi gain tax-free hai.
- Unlisted debenture me long-term capital gain ki ummeed rakhna.
- Bond ka interest ITR me na dikhana kyunki TDS nahi kata, jabki ye AIS me dikhta hai.
- Rating aur issuer ka risk dekhe bina sirf zyada coupon ke peeche bhaagna.
- Secondary market ke bond ki liquidity ko FD jaisi samajhna.
- 12 mahine poore hone se pehle bond bech dena aur LTCG rate ka fayda kho dena.
Related Guides
- FD vs Debt Fund vs Gold vs Equity: Tax Ke Baad Asli Return
- FD Interest Tax, TDS aur Form 15G/15H
- Senior Citizen Income Tax Benefits FY 2026-27
- Loss Set-off aur Carry Forward Rules
Frequently Asked Questions
Tax-free bond ka interest sach me poori tarah tax-free hota hai?
Haan, in bonds ka interest income tax se exempt hota hai, lekin ye exemption sirf interest par hai. Agar aap bond ko secondary market me bechte hain, to usse hone wala capital gain taxable ho sakta hai. Apne bond ke prospectus me exemption ka section aur shartein ek baar dekh lein.
Kya T-bill par TDS katta hai?
T-bill discount par kharidi jati hai aur maturity par face value milti hai, isliye isme coupon interest nahi hota. Phir bhi iski kamai taxable hai aur aapko ITR me dikhani hoti hai. TDS ke baare me apne broker ya platform ki jaankari aur CA se confirm karein.
Listed bond par long-term capital gain kab lagta hai?
Listed bonds ko 12 mahine se zyada rakhne par gain long-term hota hai aur use 12.5% (bina indexation) par tax lagta hai. 12 mahine ya kam me bechne par gain aapke slab rate par taxable hota hai. Ye ₹1.25 lakh wali equity exemption bonds par lagu nahi hoti.
Unlisted bonds ya debentures par tax kaise lagta hai?
Unlisted bonds aur debentures ke transfer, redemption ya maturity par hone wala gain holding period dekhe bina short-term maana jata hai aur slab rate par taxable hota hai. Isliye unlisted debt me long-term tax benefit nahi milta.
Government security (G-Sec) ka interest taxable hai?
Haan. G-Sec aur taxable government savings bonds ka coupon interest income from other sources me aata hai aur aapke slab rate par taxable hai. G-Sec ki khaasiyat tax-free hona nahi, balki sarkari guarantee hai.
Tax-free bond ya FD, ya T-bill, kya better hai?
Ye aapke tax slab par depend karta hai. 30% slab wale ke liye tax-free bond ka yield aksar FD se behtar ban sakta hai, jabki kam slab wale ke liye FD ya G-Sec bhi theek ho sakta hai. Return ke saath safety, maturity aur liquidity bhi dekhni chahiye.
Bonds, T-bills aur FD se aane wali alag-alag interest aur gains ko ITR me sahi head me dikhana zaroori hai. Hamari Income Tax Return Filing service me hum aapki saari investment income ka hisaab ek jagah karte hain.
Disclaimer: Ye jaankari general hai aur October 2026 tak ke kanoon par aadharit hai. Income-tax Act, 1961 ke section numbers 1 April 2026 se Income-tax Act, 2025 me renumber ho chuke hain. Bond ke exact tax-treatment uske terms, listing status aur aapke facts par depend karta hai. Ye investment advice nahi hai. Apne case ke liye kisi qualified professional se salah lein.