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.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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).

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