Interest on post of rd
This query is : Open
19 March 2018
Is interest on post of RD for 5 Years is exempt, if yes then under which section
Kailas Mate
(Expert)
19 March 2018
Tax exemption for your recurring deposit is only possible if you invest in RD (Indian post).It should also be at least a 5-year scheme. This is possible under Section 80C of the Income Tax Act of 1961. The maximum taxable deduction can be for Rs. 1,00,000
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19 March 2018
whether this is for principal payment or interest received u/s 80C
K Srinivas, CMA CS
(Expert)
19 March 2018
Lokesh, the above deduction is for Principal invested
K Srinivas, CMA CS
(Expert)
19 March 2018
Interest is not exempt
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21 March 2018
Is this deduction only available to individual or also to relatives?
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