Post office investments and its income tax benefit

This query is : Resolved

RAJANEESH V R (Querist)
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31 July 2016

Situations:

1) I monthly deposit Rs.2000 to post office account opened in my own name
2) I monthly deposit Rs.1000 to post office account opened in the name of my daughter
3) I invest Rs.36000 to Post Office Time Deposit in FY 2015-16

Question :

Shall we claim these contributions as deduction?
If yes,
how we can show this as a deduction from Total Income?
How many year we can claim this,both monthly and Time deposit?

kindly answer me immediately

CA Amrita Chattopadhyay

CA Amrita Chattopadhyay (Expert)
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02 August 2016 Contribution to the post office cannot be considered as deduction from the total income.

RAJANEESH V R

RAJANEESH V R (Querist)
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02 August 2016 thank you madam...what about Post Office Time Deposit

CA Amrita Chattopadhyay

CA Amrita Chattopadhyay (Expert)
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02 August 2016 The post office has been assigned the status of banking institution. Thus the post office time deposit cannot be claimed as deduction.

RAJANEESH V R

RAJANEESH V R (Querist)
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02 August 2016 k madam...shall I ask one more question?

CA Amrita Chattopadhyay

CA Amrita Chattopadhyay (Expert)
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02 August 2016 Yes you can ask the requisite question. I would try to respond.

RAJANEESH V R

RAJANEESH V R (Querist)
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02 August 2016 thank u...Section 80 D deals with Medical insurance premium...what about health checkup,ie maximum Rs.5000 ? is this is applicable to assessees who didnot take medical insurance premium?

CA Amrita Chattopadhyay

CA Amrita Chattopadhyay (Expert)
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02 August 2016 The health check up can be claimed as medical allowance if you are drawing salary the limit for medical allowance is Rs.15000 per annum for individual, Rs.25000 if there is senior citizen in family member.