A systematic investigation of the influence of Al and V on the magnetoimpedance (MI), magnetoinductance (mi) and AC Magnetoresistance (ACMR) effect in melt-spun Fe 73.5 Si 13 . 5 B 8 CuNb (3-x) V x Al (x=0,1,1.5,3) ribbons has been performed in the frequency range 500 kHz -13 MHz and under dc magnetic field (H ext ) up to 60 Oe. Nanocrystals of D-FeSi were observed, when annealed at 500 o C in vaccum. MI, mi and ACMR were measured using impedance analyzer. Largest peak mi, MI and ACMR of 1615%, 61% and 69% were observed for the nanocrystalline x=1.0 ribbon, at 100 kHz, 10 MHz and 13 MHz respectively. Magnetic domain structure was studied in the ribbons through magnetic force microscopy.