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80C TAX REBATE IN CASE OF RETIREMENT
Individual retirement is due on 31 jan 2020. GPF deduction from Apr 19 to Jan 20 is 160000/- Total GPF amount will be paid to individual on 1 Feb 2020 as a retirement dues. Will he entitle to claim 150000/- GPF deduction under 80C for FY 2019-20.
Replies (7)
Yes of course. 80C upto maximum 150000/- you can surely claim.
How is it possible?
..Deposit/Investment during FY 2019-20 is qualify for deduction under 80C.
..But in this case all deposit/investment returned to individual with interest within same FY.
..That means as on 31.03.2020 deposit becomes nil because individual gets his deposits.
..Then why rebate under 80C ?
..Think deeply before reply please
..Deposit/Investment during FY 2019-20 is qualify for deduction under 80C.
..But in this case all deposit/investment returned to individual with interest within same FY.
..That means as on 31.03.2020 deposit becomes nil because individual gets his deposits.
..Then why rebate under 80C ?
..Think deeply before reply please
@ Swami nath
If you do not want to claim 80C then it's your choice.
I replied as per 80C provisions and I stand by to it. Can surely claim. Choice is yours.
If you do not want to claim 80C then it's your choice.
I replied as per 80C provisions and I stand by to it. Can surely claim. Choice is yours.
No matter of choice...
matter is what should be as per rules...
As per 80c provision amount deposited or paid in the previous year by an assesee can be claimed. but in this case deposited amount is refunded before expiry of FY.
Hence deposits stand nil at the end of FY.
matter is what should be as per rules...
As per 80c provision amount deposited or paid in the previous year by an assesee can be claimed. but in this case deposited amount is refunded before expiry of FY.
Hence deposits stand nil at the end of FY.
I stand by my reply. okkkaaay
Ok many many thanks........
Deduction shall be available in previous years when guy did not retire.
Since dues doesnot stay with govt, no question of admissibility of pf under section 80C ITA
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