Section 80C

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Ajay Gumbar (Querist)
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27 October 2007 What is the lock in period for investment in Infrastructure Shares / Mutual Fund covered under Section 80C. Please reply only with relevant Section/ Rule / Notification/ Clause / Provisio mentioning such lock in period.

Further are infrastructure shares / mutual fund purchased from Secondry market eligible for such deduction u/s 80C

Ajay Gumbar

S.RAVICHANDRAN

S.RAVICHANDRAN (Expert)
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27 October 2007 Three years is the lock in period for 80-C investments ( Reference : Taxmann Reckoner).

As for subscription to 80-C instruments' eligibility, only the criteria is the name of the holder of the instrument and the date of purchase.

If the title has beeen effectively transferred in the purchaser's name and the date of purchse is within the financial year in reckoning, then there is no bar in allowing the deduction under section 80 C

Ajay Gumbar

Ajay Gumbar (Querist)
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27 October 2007 Forget about Taxmann Recknor. You being a professional never give a private publisher's reference.

Mention the sub section / rule/ notification / provisio / explaination/ clause or like which has lawful recognition.

Three years is what everybody knows but where the hell it is written.

Further what about my second question.

Regards,

Ajay

Ajay Gumbar

Ajay Gumbar (Querist)
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29 October 2007 What is the lock in period for investment in Infrastructure Shares / Mutual Fund covered under Section 80C. Please reply only with relevant Section/ Rule / Notification/ Clause / Provisio mentioning such lock in period.

Further are infrastructure shares / mutual fund purchased from Secondry market eligible for such deduction u/s 80C

Ajay Gumbar

Ajay Gumbar

Ajay Gumbar (Querist)
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29 October 2007 ??

CA. Dashrath Maheshwari

CA. Dashrath Maheshwari (Expert)
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31 October 2007 Some Tax saving investments have a minimum lock-in period i.e. the period during which withdrawals are usually not allowed. If the same are withdrawn, these will be taxable in the year of withdrawal. For example, National Savings Certificates (NSC) have a lock-in period of six years, Public Provident Fund (PPF) has a lock-in of 15 years, Equity Linked Saving Schemes (ELSS) have a lock-in period of three years. Insurance policies have even greater period of lock in

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