Deduction under section 80c
This query is : Resolved
MANJUNATHA M.R
(Querist)
07 June 2013
Dear Experts I have opened 5 year Recurring Deposit in post office and deposit amount on monthly basis. Is it comes under section 80C or what? Please give your expert opinion in this regard. Thanks in Advance
CA Kapil Verma
(Expert)
07 June 2013
no , recurring Deposit not come in 80C
08 June 2013
No, Post office RD is not covered under 80C.
In case if u want 80C benifit you can invest
in:
1) TAX SAVER FD in Nationalise bank on
which 80C Benfit is given.
2) If you want to Make investment monthly
as a RD and also want 80C benifit then you
can invest in LIC Jeevan Saral Plan table
No.165 on which u will get 80C benifit. One
plus point return from LIC is not taxable
while return on RD in Post office is also
Taxable.
In case if u want 80C benifit you can invest
in:
1) TAX SAVER FD in Nationalise bank on
which 80C Benfit is given.
2) If you want to Make investment monthly
as a RD and also want 80C benifit then you
can invest in LIC Jeevan Saral Plan table
No.165 on which u will get 80C benifit. One
plus point return from LIC is not taxable
while return on RD in Post office is also
Taxable.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Query on effect of registration of property
- GST on reimbursement of expenses
- Equity Share Sale and Purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Visiting card purchase
- Additional trade name
- Wrong CMPo8 file
- Whether output tax is taken credit by purchaser
- Number of years as per AS amortisation of Goodwill
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
