Deduction U/s 80C allowed if investment made out of Taxable Income
This query is : Resolved
VIPIN GUPTA
(Querist)
13 November 2021
Sir, I have a read some where or mis read it but i want to confirm that , The investemnt made U/s 80C is eligible for deduction if made out of taxable income of current year.
Since one of our Client is NRI he is having FDR Interest income and he send every year Rs 1.5 Lacs to his brother who deposits the same in PPF account is the deduction allowed to him.
Since one of our Client is NRI he is having FDR Interest income and he send every year Rs 1.5 Lacs to his brother who deposits the same in PPF account is the deduction allowed to him.
13 November 2021
READ IT CAREFULLY....
Deduction is allowed from taxable income.... ( it is deducted from total income to arrive at net taxable income) ;
The investment need not be from same funds....
Deduction is allowed from taxable income.... ( it is deducted from total income to arrive at net taxable income) ;
The investment need not be from same funds....
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