Related to exemption u/s 80c
This query is : Resolved
28 February 2012
Dear Sir,
I have Demat account in SBI and I have purchased some equity 7 month back which is amount of Rs 45000/-.
Can I take the benefit of this U/s 80C or any other section of Income tax as I am salaried person otherwise I will have TDS Liabilities.
Kindly suggest me the same.I would be thankful to you.
I have Demat account in SBI and I have purchased some equity 7 month back which is amount of Rs 45000/-.
Can I take the benefit of this U/s 80C or any other section of Income tax as I am salaried person otherwise I will have TDS Liabilities.
Kindly suggest me the same.I would be thankful to you.
28 February 2012
Equity shares purchased cannot be claimed as deduction U/s 80C. Only investment in mutual funds which are tax savers and where lock-in-period is 3 years are eligible for 80C.
28 February 2012
Subscription to equity shares are eligible for deduction provided it should be an 'eligible issue of capital' as defined in section 80C(2)(xvii) of the Income tax Act,1961.
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