deduction u/s 80 c

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suman (Querist)
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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

CA PARAS BAFNA (Expert)
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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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suman

suman (Querist)
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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

CA PARAS BAFNA (Expert)
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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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