deduction u/s 80 c
This query is : Resolved
23 July 2011
i have invested in mutual fund & got deduction u/s 80c. now in this year i got dividend of Rs. 50000. but this money was not recd by me in cash but infact they issue me new units for those 50000 Rs. now can i claim 50000 as deduction u/s 80c.
CA PARAS BAFNA
(Expert)
23 July 2011
If you are having supportive documents for dividend income and its investment, and also have knowledge that the invest will qualify for Deduction U/s 80C, then surely you are eligible for deduction U/s 80C.
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23 July 2011
yes definitely i have supportive documents but not sure that whether or not it will be deductible u/s 80c.
CA PARAS BAFNA
(Expert)
23 July 2011
It will be deductible. Now there is no restriction that it should invested out of your taxable income.
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