Section 80c
This query is : Resolved
13 March 2014
can the post office recurring deposit for 5years be taken as deduction u/s80c??
AVTAR SINGH
(Expert)
13 March 2014
No. It is not covered u/s 80C.
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14 March 2014
so is there any difference between post office 5yr recurring deposit and time deposit?
AVTAR SINGH
(Expert)
18 March 2014
The five year time deposit under the Post Office Time Deposit Rules is covered u/s 80c but recurring deposit is not covered.
In recurring account you deposit certain amount every month and get the full amount plus interest on maturity. Whereas in Time Deposit you make single payment as in FDR and get back principal plus interest on maturity.
In recurring account you deposit certain amount every month and get the full amount plus interest on maturity. Whereas in Time Deposit you make single payment as in FDR and get back principal plus interest on maturity.
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