RD OF POST OFFICE
This query is : Resolved
17 March 2011
Why Post office 5 Years RD not consider under 80C? actually it’s a long term investment
17 March 2011
RD , though is long term investment, but the nature is "Recurring". So the mode of investment in actually a lock-in kind of thing.
In my opinion, this is the reason, why a 5 year post office term deposit is eligible for 80C whereas the same term RD is not considered for 80C.
In my opinion, this is the reason, why a 5 year post office term deposit is eligible for 80C whereas the same term RD is not considered for 80C.
17 March 2011
Others may have different view....so keeping this query OPEN..
Sunil Kr. Sanganeria
(Expert)
17 March 2011
Recurring Deposit is nor considered an allowable deduction u/s 80C of the IT ACT.
Even recurring deposit at bank is also not allowed u/s 80C of the IT ACT
Even recurring deposit at bank is also not allowed u/s 80C of the IT ACT
CA Ravi Sisodia
(Expert)
17 March 2011
Agree with Sunil sir, Recurring Deposit either in bank or post office, will not eligible for deduction u/s 80C.
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