Deduction u/s. 80C
This query is : Resolved
Sandeep Keswani
(Querist)
06 February 2010
Whether Investment in Time Deposit in Post Office and Investment in Time Deposit under Senior Citizen scheme is eligible for the purpose of Deduction u/s. 80C ? Where can I find the relevant circular ? Also explain in brief the conditions for eligibility. Thanks.
Rahul Gupta
(Expert)
06 February 2010
Yes the amounts are eleigible for Deduction u/s 80C but the term of deposit must be at least 5 Years. Prior withdrawl will make it taxable in the year of withdrawl.
Section 80C relevant clauses >
[(xxiii) in an account under the Senior Citizens Savings Scheme Rules, 2004;
(xxiv) as five year time deposit in an account under the Post Office Time Deposit Rules, 1981.
Section 80C relevant clauses >
[(xxiii) in an account under the Senior Citizens Savings Scheme Rules, 2004;
(xxiv) as five year time deposit in an account under the Post Office Time Deposit Rules, 1981.
CMA Arif Farooqui
(Expert)
06 February 2010
agree with rahul. u must deposit for at least for 5 years
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