Investments u/s 80C
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 December 2010
Sir,
My boss is NRI. He is earning income by way of renting property in India.
He is having NRI & NRO a/c & all the income received in India we are depositing in NRO a/c.
Now to save tax, we want to invest Rs. 1,00,000/= u/s 80C
So can we invest Rs. 100,000/= from his NRI a/c in PPF or Bank FDR or Mutual Funds
Pls. guide.
My boss is NRI. He is earning income by way of renting property in India.
He is having NRI & NRO a/c & all the income received in India we are depositing in NRO a/c.
Now to save tax, we want to invest Rs. 1,00,000/= u/s 80C
So can we invest Rs. 100,000/= from his NRI a/c in PPF or Bank FDR or Mutual Funds
Pls. guide.
01 December 2010
Deductions U/s 80C can be claimed by Individuals and HUFs by making specified qualifying investments, deposits,payments etc and the said investments can be made out of taxable income or non taxable income.
So, your boss is entitled to get deduction U/s 80C. However I would suggest you to make such investments from NRO A/C as its interest is taxable. Interest on amount standing to his credit in NRE A/c may be claimed as exempt U/s 10(4)(ii).
So, your boss is entitled to get deduction U/s 80C. However I would suggest you to make such investments from NRO A/C as its interest is taxable. Interest on amount standing to his credit in NRE A/c may be claimed as exempt U/s 10(4)(ii).
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