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.
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