SECTION 80C
This query is : Resolved
08 July 2007
Kindly let me know whether re investment of divident received from Mutual fund is eligible for deduction under section 80C
Vasantha Kumar Reddy
(Expert)
09 July 2007
Income(dividend) received from the Mutual fund specified under clause 23D of Section 10 is exempted under section 10(35).
Reinvestment of dividend received from mutual fund is eligible for deduction U/s 80C.
In the view of the above provisions you can avail the deduction u/s 80C
Reinvestment of dividend received from mutual fund is eligible for deduction U/s 80C.
In the view of the above provisions you can avail the deduction u/s 80C
Paras Chhajed
(Expert)
10 July 2007
First of all to qualify for deduction u/s 80 C the investment nust be made out of taxable income not necessarily of the relevant year but it has to be out of taxable income and therefore, in my opinion, the re-investment of dividend which is an exempt income does not qualify for deductio u/s 80 C.
CA Paras Chhajed
CA Paras Chhajed
Shashi Mohan Jha
(Expert)
11 July 2007
As in case of NSC interest earned is eligible, on same lines mutual funds dividend would also be eligible for deduction.
CA BHARATH KUMAR
(Expert)
26 July 2012
eligible under 80C . so it should be thaers
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